Is the last week the Aussie holds the 2 cent range?
Compass Global Markets
AUDUSD: The slowdown in Chinese Manufacturing hit at the fastest rate in 6 years, but with no positives out of the States we closed virtually unchanged. There is not much due on the economic calendar before the market turns to Jackson Hole so have nothing that should spark a concerted break outside the current 2 cent range. AUDEUR: Mixed Manufacturing numbers and Greece set for their 5th election in 6 years cant' see this move to continue much longer. German Business Climate numbers come tomorrow and could be the spark. On the charts we are at the bottom of the downward channel, also suggesting a correction soon. AUDGBP: Thoughts of an interest rate hike from the BoE are increasing, but with just UK GDP data due later in the week we cannot see much further downside for the rest of the month. AUDNZD: NZ Inflation Expectations then Trade Balance numbers due and as we have hit the bottom of the downward channel we can see plenty of scope for a push back against the short term downward trend. (VIEW LINK)
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