30th September – Daily Currency Market Report

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The Market In Brief:

  • AUD recovers early losses
  • NZD pulls higher
  • German Inflation down
  • Spanish Inflation down
  • US Consumer Confidence up
  • India cuts interest rates
  • Copper at 2009 lows
  • Gold $1,127 & DJIA 16,063

Market Events Due:

  • NZ Business Confidence
  • Australian Building Approvals
  • UK Current Account
  • US ADP Non-Farm Employment Change
  • Fed Chairwoman Yellen speaks

 

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AUDUSD: Dipped in sympathy with falling Asian equity markets, but bounced to close with a modest gain as US stocks pushed higher. The move ignored a pick-up in US Consumer Confidence as the market once again failed to force a break of the range ahead of Yellen’s speech tomorrow and Fridays Non-Farm Payrolls. Today’s data may see brief spikes, but support holds 50 points below and look to test resistance 35 points above.  

AUDEUR: Had a brief test outside the 5 week old range, but was soon bought into and we have closed flat on the day. The Euro has benefited from weaker equities, but poor data has held it back from further gains. The status quo should continue with just second tier EU data for the rest of the week.  

AUDGBP: Pushed back to reverse recent losses as the BoE’s Carney seemed more focused on climate change than near term interest rates. UK Current Account data comes this evening and expected to show a slight improvement. Technically we have the makings of an upward channel with resistance sat 1% above and a healthy target to sell at.

AUDNZD: Continues to bounce along the bottom having filled the “RBNZ gap” on the charts. However we are set for an exciting end to the week with NZ, Australian and Chinese data set to come that could well set us on the way for medium term direction. As always we favour the upside.

QUOTE OF THE DAY: If one does not know to which port one is sailing, no wind is favorable. Lucius Annaeus Seneca

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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