China and S&P's shot across the bow takes Aussie lower still
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Jim Devonport
Forex Worldwide
AUDUSD: Took another tumble down the mountain on Friday as Chinese Manufacturing hit a 15 month low and as ratings agency S&P suggested that this countries AAA rating is under threat. The market opens fresh 6.5 year lows with our major focus on the FOMC meet on Wednesday night and an RBA Governor Stevens speech the next morning. We’ll look at the longer term charts to start the week off and see that although the indicators suggest we are in oversold territory, there is in fact room for another USD 1 cent of downside until trend line support that comes from the 2001 / 2010 lows and that should be a target in the current environment. AUDEUR: German Ifo Business climate survey is key short term and there is no reason to see any upward correction of size here in the near term. The technical picture supports this view AUDGBP: UK GDP our focus and target remains 0.4545/2.20 AUDNZD: Dire Trade Balance sees support hold and we keep our 1.20+ target.
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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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