Back to square one

Jim Devonport

Compass Global Markets

AUDUSD: The PBoC shocked the market with its largest ever devaluation yesterday, dragging the Aussie lower. Domestically Business Confidence took a hit and ensured the local unit kept at the day’s lows. Chinese Industrial Production is our main focus, but unlikely to see a test either side of the range. AUDEUR: News that a Greek bail out deal has virtually been agreed to and the local developments here have pushed this pair back to lows seen at the end of July. The Greek's are set to rubber stamp the bailout tonight. Technically we have fallen back into the downward trend and may well stay there. AUDGBP: The Chinese news pushed this pair back to 1 week lows and we spent the rest of the day down there. UK Unemployment numbers this evening are key to deciding whether we retrace or push on. AUDNZD: Dipped as the Yuan’s devaluation will be felt by Australia more, however the move was slight as both tanked versus the Greenback. With no NZ data due until Friday we expect to hold around these levels. (VIEW LINK)


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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