Less hawkish FOMC minutes suggest a December hike but a weaker US$ towards end of the year
Jim Devonport
Compass Global Markets
AUD/USD: A 4.5% drop in iron ore prices pulled the A$ lower and keeping the downward channel in place. However a release of the FOMC minutes that was not as hawkish as some had expected ensured the local currency bounced off its lows. Expect a quiet day today as we wait for US data this evening. Technically the channel should hold. AUD/NZD: The weaker dairy prices continue to increase thoughts of another RBNZ rate cut and ensured more upside. There is no further NZ data set to come this week so we expect price action to hold these levels if not push higher. AUD/GBP: An upbeat speech by MPC member Broadbent pulled this pair slightly lower. Tonight’s UK Retail Sales numbers are the last release of the week and as expected to be poor, this should see this pair recover recent losses, if not more. AUD/EUR: Sentiment is still weak on the European mainland and we’ll look towards the ECB minutes this evening and a speech by President Draghi tomorrow. Overall the upside is our favoured direction. FULL REPORT: (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
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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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