Its the first day of Winter and it certainly feels like it, at least down here in Melbourne!
U.S consumer confidence took a hit overnight falling to its lowest point in three months and failing to meet market estimates. The poor reading along with a fall in U.S equities helped the Aussie dollar to regain a little ground against the Greenback managing to trade back above 0.7200.
Elsewhere we saw flat markets across Europe and further declines across commodities including Australia’s favourite – iron ore.
Ahead today is local GDP figures along with two sets of Chinese manufacturing data; it goes without saying that today should see a fair bit more volatility for the Aussie dollar than what we’ve seen for the past 3 or 4 sessions. GDP is expected to come in at 0.6% which would be no change to last quarters reading.
DATA RELEASES TODAY:
CNY – Manufacturing PMI at 11.00am
AUD – GDP q/q at 11.30am
CNY – Caixin Manufacturing PMI at 11.45am
GBP & USD – Manufacturing PMI overnight
AUD EXCHANGE RATES:
AUD/USD – 0.7229
AUD/GBP – 0.4990
AUD/EUR – 0.6495
AUD/NZD – 1.0681
AUD/JPY – 80.028
The above rates are a guide only, and change constantly.
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632 or 03 9099 8459
