FOMC on hold waiting for a clearer picture
Jim Devonport
Compass Global Markets
AUDUSD: Unable to break recent highs during our day as we waited for the FOMC. Their decision to keep interest rates on hold, whilst they wait for a global economic improvement sparked a 140 point rally that was soon reversed as the threat of an October hike remains. We continue to trade either side of the 50% sell off since late July and will hold here till next week. AUDEUR: The Euro has strengthened on the back of the Fed’s inaction pulling this pair down from highs that had capped for the month. There is no EU data until next week, so focus turns to the Greek elections and should mean a gradual recovery as we head towards the close. AUDGBP: The Pound has also strengthened as Retail Sales improved, although only to the 50% retracement of the 3 week old range. We’ll hold here until next week. AUDNZD: Rallied on poor NZ GDP numbers, but range bound. Resistance here is proving stubborn and increases the chance of a correction lower as importers are forced to act. (VIEW LINK)
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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
1 topic
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...
Expertise
No areas of expertise
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...
Expertise
No areas of expertise
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