A rush to the safer haven of the US Dollar as commodities and equities drop
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Jim Devonport
Forex Worldwide
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)
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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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