A break in the A$ at last

Jim Devonport

Compass Global Markets

AUD/USD: A 5 ½ week downtrend was surprisingly broken as the PBoC cut borrowing costs from 4.5% to 2.75% in another attempt to stimulate their faltering economy. That, continued fallout from the FOMC minutes and “stops” being triggered on the break saw a near 1c move higher. There is no major data due today and with a heat wave expected on the east coast we’d expect a session of consolidation. AUD/NZD: This pair actually traded sideways as the PBoC news was negated by a much better than forecast Producer Prices number. With no data due today we should hold the range until next week. AUD/GBP: Pushed to 2 week highs on Chinese developments and as UK Retail Sales data disappointed. With no further data due we see sideways if not lower price action. AUD/EUR: Now 125 points higher over the week as the market is pricing in more and more monetary stimulus and of course on the geopolitical tension. Draghi speaks this evening and could well spark another run higher. FULL REPORT: (VIEW LINK)

Jim Devonport
Jim Devonport
Compass Global Markets

Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...


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