The Market in Brief:
Market Events Due:
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AUD/USD: The Australian dollar fell away for the second day running, as crumbling commodity prices wreak havoc on the market. This slump in commodities was compounded by news that Chinese imports slowed for a 13th straight month. This combination pushed the AUD steadily lower over the last 24 hours and there could be more downside to come this morning as Chinese CPI figures are widely expected to be come in weaker.
AUD/NZD: The Kiwi was able to gain some ground on the AUD over the last 24 hours, as it responded more favourably to a fall in commodity prices. The kiwi like the AUD watched closely as Chinese imports slumped once again, and the Kiwi’s will once again be focusing on CPI data out of China today, before attention turns towards the RBNZ interest rate decision tomorrow.
AUD/GBP: The AUD was able to hold its upward momentum against the GBP, as even a strong GDP estimate out of the UK was unable to push the pound higher. The sterling has also suffered at the hands of a collapse in oil and energy prices. There is no data of note out of the UK today, so attention turn to the BOE meeting on Thursday, which will discuss key monetary settings.
AUD/EUR: The Aussie opens lower against the EUR as tumbling commodity prices take their toll on the AUD. Even a weak French trade balance was unable to push the AUD higher against the EUR. German trade balance is due this evening, however the direction of the pair will be set by commodity prices and Chinese CPI figures today.
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