Currency markets in limbo ahead of the FOMC

Jim Devonport

Compass Global Markets

AUDUSD: RBA's minutes gave no serious suggestion of a cut, so that and the recent Chinese data ensured the A$ held firm. The Chinese figures and low US unemployment have however kept the market split on an FOMC hike. We therefore remain in the technical flag formation. AUDEUR: Tested support levels as Noyer suggested there is no need to add to QE. However the ECB may start to pave the way tomorrow. On the charts support holds and should drift higher. AUDGBP: Took back some of its recent losses as the market continues to digest the weak inflation figures. Carney didn't mention interest rates last night, but is expected to do so tomorrow and which is when we also have UK Retail Sales data. We should hold around this morning’s opening levels for the next 36 hours. AUDNZD: As forecast yesterday, the Tasman Cross has rallied over a cent to a 1 week high. The move came as NZ dairy prices fell and as the technical support held. We’d expect the trend to continue. READ OUR FULL REPORT HERE: (VIEW LINK)


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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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