A$ clings on ahead of the FOMC

Jim Devonport

Compass Global Markets

AUDUSD: Fell from recent highs on Santos, Business Confidence, an ANZ commodities report and a perceived 70% chance of a rate cut by Q1’16. However the lows were bought into and we continue to hover waiting for the FOMC. AUDEUR: President Draghi was decidedly dovish and said they would revisit the stimulus levels at the next meeting. We have pushed up through technical resistance that has held since April and appear set on the way to our target that now sits 100 points above. AUDGBP: Retail Sales grew at their fastest rate in 2 years, however the prior months read was revised sharply lower and so negated any gains for the Pound. In fact with negative inflation and the prospect of further QE in Europe, Sterling did take a knock overnight but sits well below last week’s highs. AUDNZD: The A$ negativity detailed above gave reason for the cross to retrace to 5 month lows. There is no NZ data due until next week and with a bank holiday on Monday we see a recovery throughout today. 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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