Aussie Dollar appears range bound until the Fed

Jim Devonport

Compass Global Markets

The Australian Dollar has stayed fairly range bound against the Greenback, bouncing up from the Governor Stevens inspired sell off and as our technical support levels held. However a sizeable drop in the number of US Weekly Jobless Claims was all it took to take the pair down to the lows again. Chinese Manufacturing numbers are our only focus before the weekend and so should that come in as expected with a 5th straight month in “contraction” mode we shouldn’t see fresh lows just yet. On the charts we have tested our support level mentioned yesterday and suggest that we should hold around here until next week's FOMC. AUDEUR: Lower here as the Greeks voted to accept further austerity measures. AUDGBP: Bucking the trend as UK Retail Sales fell and Sterling suffered on new found positivity in the EU. AUDNZD: Sold off on the disappointment of just a 0.25% cut, but lower growth and further cuts are promised, so should see the uptrend return and our 1.20 target hit in due course.

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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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