A rush to the safer haven of the US Dollar as commodities and equities drop

Jim Devonport

Compass Global Markets

AUDUSD: Hit 1 week lows as the market bailed from the higher yielding currencies into the safer haven Greenback as stock markets and commodity prices dropped. Chinese Manufacturing is our focus and expected remain in “contraction”. Trend line support from the start of the month has been hit and should hold. AUDEUR: Flat as both currencies suffered in equal measure. Policy divergence between the ECB and FOMC is resulting in a weaker Euro, but the Aussie is unable to take advantage. French and German Manufacturing data this evening should ensure we remain in the 5 week old range. AUDGBP: Made a small gain as Industrial Orders data disappointed for the 7th month in a row. Trading either side of the 50% retracement of the month long range and a break determines direction. Until then place orders respectively. AUDNZD: The top of the upward channel held firm, as forecast, forcing a sizeable drop. Support 20 points below the open may be as good as it gets for AUD buyers this week. Our medium term target sits 3 cents above. (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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