The market in brief:
Market Events Due
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AUDUSD: The Australian Dollar continues to be weighed down by mixed local economic data and as the US numbers show glimpses of improvement. Key support levels around here are holding due to the Chinese holiday and as we head towards the US NFP as well as the G20 meetings. With a thin market and huge risk events due the potential for a sizeable dip or correction higher has increased. We suggest placing orders to take advantage of short term spikes.
AUDEUR: The Australian Dollar has strengthened here as the ECB stated they will keep the QE measures for at least another year and President Draghi’s speech was less than hawkish. With no data from either center today we’d suggest this move gets gradually reversed as we head towards the weekend.
AUDGBP: A flat close for this pair as both suffer at the hands of a resilient US Dollar. We’d suggest this tight range should hold until next week’s Australian Unemployment data and the Bank of England meet.
AUDNZD: The Tasman Cross dipped as the Australian Dollar suffers due to its mixed economic data releases and as the sudden upturn in milk prices has the market re-thinking their expectation of a ½% cut at next week’s RBNZ meet. Technically the upward trend line has broken, however we cannot see too much downside for today at least.
Quote of the day: “I’m not so much concerned about the return on my money as the return of my money.” Will Rogers
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Corporate & HNW Client Manager