A dovish Yellen the only hope for upside in the Aussie

Jim Devonport

Compass Global Markets

AUDUSD: Dropped again as Chinese Manufacturing hit a 6.5 year low. Sentiment is negative against the Aussie at the moment and we are struggling to find where any upside is to come from, except should the Fed’s Yellen hint at a 2016 rate hike. This psychological 0.70 cents level should hold for today. AUDEUR: Back to the bottom of the range as ECB President Draghi said he’d rather wait and see before considering further stimulus. French and German Manufacturing both grew last month adding to the push. German Ifo numbers are expected to be week so should ensure we hold the range. AUDGBP: Sterling gained here for the 4th session in a row, even as chances of a UK rate hike diminish. No UK data until next week, however trend line support from mid-April is hit and should hold. AUDNZD: Broken the channel on Chinese data and positive Fonterra results. NZ Trade Balance was poor this morning, so we should bounce from these oversold levels. GET IN TOUCH TO DISCUSS YOUR CURRENCY EXPOSURE (VIEW LINK)


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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