Less hawkish FOMC minutes suggest a December hike but a weaker US$ towards end of the year
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)
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...
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