8th September – Daily Currency Market Report

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The Market In Brief:                           

  • AUD trades flat
  • NZD drifts lower
  • Australian Construction Index up
  • Australian Job Advertisements up
  • US Holiday means tight ranges
  • Gold $1,119 & DJIA 16,191

Market Events Due:

  • Australian Business Confidence
  • Chinese Trade Balance

 

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AUDUSD: Traded a tight 40 cent range off Friday’s lows as the US holiday ensured the market was reluctant to take this pair any further south following the NFP. Price action should pick up today with domestic Business Confidence and then the release of Chinese Trade Balance data. Both are supposed to improve so on the charts we’ll look to see if the said lows can form some support for a recovery towards 0.70 cents and above.

AUDEUR: Friday’s levels held here as positive second tier Australian numbers kept the market from pushing this pair any further. There is no market moving data due from Europe at all this week, so we’ll look locally for direction. We’d therefore favour a small and short term correction higher for today at least.

AUDGBP: This was the only pair of the majors in which the Aussie lost ground. Sterling bounced back from its 2.5 cent losses against the Greenback last week to reclaim 100+ points due to the US holiday. There is no UK data today so we could well see the Aussie bounce here as well, should data come in as expected.

AUDNZD: Pushed higher on a double dose of positive Aussie economic releases and as the market prepares for a RBNZ interest rate cut. Our short term target is 1.12 prior to the NZ central bank meet.  

QUOTE OF THE DAY: Put off thy cares with thy clothes; so shall thy rest strengthen thy labor, and so thy labour sweeten thy rest. Francis Quarles

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Jim Devonport

Corporate & HNW Client Manager 

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