GFC like conditions play havoc with currencies, (but is this the bottom for the Aussie-see chart)
.png)
Jim Devonport
Forex Worldwide
AUDUSD: Equity markets dragged the local unit down 4% at one stage and panic selling with thin volumes exaggerated moves. Eyes will turn to the PBoC for signs of support, but don’t hold your breath. Forecasting in these conditions is pointless. The sensible course of action is to have a worse-case scenario as a stop and to take advantage of favourable spikes. AUDEUR: Untoward price action sent this pair lower still on risk aversion. The pair touched levels last seen in 2009 and the 50% retracement of the rally we saw from 2008-2012. German Business Confidence numbers come this evening and may force a correction… AUDGBP: The Pound has strengthened as the market withdraws all funding from the outer reaches and repatriates into safer havens. The “Asian” picture will determine further direction and we see no reason for the trend not to continue. AUDNZD: NZD 5 cents higher at one stage as the global investment houses bailed out of anything less liquid. Inflation expectation data is due this morning and should see this pair carry on its merry way. (VIEW LINK)
Never miss an update
Enjoy this wire? Hit the ‘like’ button to let us know.
Stay up to date with my current content by
following me below and you’ll be notified every time I post a wire
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
.png)
1 topic
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
Comments
Comments
Sign In or Join Free to comment
most popular
Equities
This recently triggered market signal has never failed to predict gains
Ophir Asset Management