A huge 24 hours ahead for currencies
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Jim Devonport
Forex Worldwide
AUDUSD: Broke lower on weaker sentiment as reports suggest today's domestic inflation number could be the trigger for a cut in interest rates. Technically our flag formation broke and triggered a larger sell off. With such a huge 24 hours ahead we’d suggest orders are placed now. AUDEUR: The Euro traded sideways elsewhere, so this pair drifted lower. There is no EU data so direction will be driven locally and could therefore spark a pull back later this morning. Support sits 70 points below. AUDGBP: Also ground lower as the local unit fell out of favour. The move came despite a weaker Q3 GDP print. We are now just 60 points away from support of the short term upward channel. AUDNZD: The NZ trade deficit widened again but still did nothing to halt another sell off. The market has changed its mind on which central bank will be the next to pull the trigger with the RBA firm favorite’s. Therefore be prepared for the RBNZ meeting tomorrow morning as another cut by them should spark sizeable upside. FULL REPORT: (VIEW LINK)
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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 travelling between the Australian and New Zealand offices, Jim’s primary aim is to assist business and high net worth clients on either side of the Tasman with their international money transfers and to effectively manage their foreign exchange risk. Jim happily does this with two main beliefs; the first is to not trying to make money from the financial markets, but protecting capital exposure by actively negating adverse market moves so thereby protecting your bottom line. The second is the use of a solid mix of spot and forward contracts, along with currency options when suitable, to help to create a watertight hedging strategy.
Jim is always glad to offer his guidance in any area of foreign exchange, or the financial markets as a whole, and welcomes the chance to meet with businesses or individuals for a brief chat or more detailed discussion.
Jim Devonport
E: jim@compassmarkets.com
T: 02 8039 1485
M: 0415 066 468
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Jim Devonport
Manager
Forex Worldwide
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...
Expertise
No areas of expertise
Jim Devonport
Manager
Forex Worldwide
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...
Expertise
No areas of expertise
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