WILL THE US DOLLAR INDEX SEE FURTHER GAINS FOR THE A$?

Jim Devonport

Compass Global Markets

AUD/USD: Opens 1% below Friday’s highs and with Stevens speaking this evening then US GDP figures following on, today’s price action should hold within the recent range. Interestingly the US Dollar Index has just recorded a 12 year high hitting 100.39 overnight, suggesting a correction and weaker US$ may be on the cards. AUD/NZD: Well supported and opens at the same level as yesterday. Unless the RBA’s Stevens says something untoward we should hold here if not push higher. AUD/GBP: Short term correction played out yesterday as GBP buyers jumped on board and technical resistance held. Inflation Report hearings are this evening and will interesting given the recent batch of negative inflation prints, however we’d need to see some very dovish statements from the hearing to break the 5 month trend line. AUD/EUR: Short term correction also came about for this pair. The move was continued with the help of better than expected Manufacturing numbers and the positivity should continue with this evenings German Ifo Business Climate Survey. Nonetheless, sentiment is very much against the Euro at the moment. (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...

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.

trending on livewire
Get the best of Livewire by signing up to our popular daily newsletter