The case for a rate hike in the U.S this month just got a whole lot weaker, with the latest economic data showing pessimism in non-manufacturing industries reached it’s highest point since early 2014. The gauge of purchasing managers slumped to just 51.4 which was 4 full points lower than anticipated. The poor data helped AUD/USD to close 0.7650 this morning and gives importers another opportunity to take advantage of the highest levels we’ve seen since April vs. the Greenback.
In other news AUD/NZD held steady just under 1.04 as milk prices in New Zealand came in about on trend. Ahead today is Aussie GDP at 11.30pm with the value of goods and services expected to have increased by about 0.6% in the latest quarter. A very strong number could see AUD/USD test 0.7700 but keep in mind their is some strong resistance just on the 0.7700 figure – refer to chart below:
DATA RELEASES TODAY:
AUD – GDP q/q at 11.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7678
AUD/GBP – 0.5717
AUD/EUR – 0.6826
AUD/NZD – 1.0364
AUD/JPY – 78.388
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
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