2nd October – Daily Currency Market Report

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The Market In Brief:

  • AUD slightly higher
  • USD manufacturing weaker
  • EUR Manufacturing on par

Market Events Due:

  • Australian retail sales
  • US non-farm payroll
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AUDUSD: The AUD rebounded strongly yesterday afternoon, following stronger than expected Chinese manufacturing data, coupled with a rebound in Australian and Asian equities. However these gains were all but evaporated overnight, as soft figures from the US weighed on the markets. The Chinese markets are closed today, so attention turns toward local retails sales and more importantly US job figures tonight.  

AUDEUR: The EUR gained overnight on the AUD, following the release of a number of manufacturing figures from the Euro, which came in slightly better than expected. Weak manufacturing data from the US, also helped drive investors toward the common currency, which has further bolstered its gains against the AUD.  

AUDGBP: The pound opens virtually unchanged against the AUD this morning, as manufacturing data out of the UK came in as expected, causing very little change in investor sentiment. We look toward UK PMI figures tonight for further guidance.

ALTERNATIVE CURRENCY HEDGING: Ask us about a great alternative to traditional forward contracts that give the ability to cover at attractive levels, but with the flexibility to walk away should the spot rate improve or the contract not be required. 

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Jim Devonport

Corporate & HNW Client Manager 

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