9th September – Daily Currency Market Report

CompassLandscape1

The Market In Brief:

  • AUD up 1 cent
  • NZD also edges higher
  • Australian Business Confidence down
  • Chinese Trade Balance up
  • Chinese equities up
  • Gold $1,122 & DJIA 16,460

Market Events Due:

  • Australian Consumer Sentiment
  • Australian Home Loans
  • RBA Dep Gov Lowe speaks
  • UK Manufacturing 

 

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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

QUOTE OF THE DAY: Do the right thing. It will gratify some people and astonish the rest. Mark Twain

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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