Bell Potter

Currency Update: The RBA leave rates unchanged at 2.50%, reiterating that it would prefer a lower AUD. It was more positive on the outlook for private demand outside of the mining sector. Today in Australia we will see the trade data for September and the market is looking for an improvement in the deficit from $815mn to $500mn. Such a result is not likely to have much of an influence on markets. The upside surprises in the UK PMI services and US ISM nonmanufacturing index's gave a boost to GBP and the USD respectively. AUD & NZD initially received a leg up from the GBP move, although this was largely reversed following the ISM release. Today's Forecast Range: USD 0.9455 - 0.9525


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