The Market In Brief:
Market Events Due:
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AUDUSD: Has pushed higher, despite a weaker domestic Business Confidence read, on a recovery in the Chinese Trade Balance and as the Shanghai Stock Exchange closed up 3%. Focus today will be on second tier data and a speech by the Deputy Governor ahead of tomorrow’s more important Unemployment data. On the charts we haven’t negated the downward trend yet, but the signs look good for some further short term upside.
AUDEUR: This pair has retraced higher, as forecast yesterday, with nothing major out from Europe. Interestingly we did have some positivity out of Greece as “bad loans” fell to just 45% of their loan book and over in Spain house prices recorded their largest Q2 price rise ever. Technically we have hit short term resistance so importers may want to get in early this morning.
AUDGBP: The Aussie Dollar has even made up some ground versus Sterling overnight, although the British unit has gained over 200 points versus the Greenback in the last two days. UK Manufacturing Production data is out this evening and could well decide whether we continue to the top of the downward channel. As ever with this pair, we suggest placing orders given the volatility.
AUDNZD: Did push higher during our session; although with the RBNZ due to announce their interest rate policy first thing tomorrow the market was reluctant to take us too far outside the current range. We should therefore hold fire for the next 24 hours. Posiitivity
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