Baby steps from the Fed so the range to hold
Jim Devonport
Compass Global Markets
AUDUSD: Pulled back from the SSE inspired highs yesterday as there was no domestic economic data and as the market awaited the FOMC meet. The US central bank kept rates on hold as expected and suggested any rate hikes will be gradual, but importantly gave no reason for us to adjust the thoughts of a move in September. On the charts our forecast resistance held and we favour that continuing this week with the recent lows also supporting. AUDEUR: As predicted, this pair has traded in a relatively tight range but price action may pick up with European numbers tonight. On the charts we are testing the neck line of a head and shoulders pattern. AUDGBP: Our favoured push lower eventuated yesterday as the general positive sentiment towards the Pound carries on. The recent range should give way with a break to the downside to come near term. AUDNZD: An up day for this pair as a larger than normal amount of NZ Corporates were seen repatriating AUD receipts. These general support levels should hold firm. Famous last words.
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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
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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