Todays data is key for short term Aussie Dollar direction

Jim Devonport

Compass Global Markets

AUDUSD: Retraced a fair chunk of recent gains as local second tier data disappointed. We look to today’s more important domestic unemployment and Chinese Inflation figures to provide the volatility. Both are expected to show improvement so we could see a bounce off these lows. Yesterday’s high was the 50% retracement of the selloff seen since late August and a break is needed for further upside. AUDEUR: Importers jumped on the relatively higher levels, pushing the pair lower. Today’s Asian data will determine short term direction, so expect the range to hold as we head towards the weekends Euro group meetings. AUDGBP: Closes despite a correction in UK Manufacturing, as the market prepares for this evenings Bk of England meeting. No change to rates or policy is expected. AUDNZD: The RBNZ cut rates by 0.25%, as expected. Governor Wheeler sees further cuts in the future as well as a weaker NZ Dollar. Further upside for this pair set to come therefore and we’ll set our sights 1.15 being medium term trend line resistance. CALL TO DISCUSS YOUR CURRENCY EXPOSURE. (VIEW LINK)


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...

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