The AU$ firmly supported

January 8, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning, it's largely "as you were" in the markets  as we open for today's session. 

There was a small dip in the A$US$, as forecast in yesterdays brief, but nothing of size as the trend line support of this month long rally held firm. There was no major economic data released overnight, instead the only point of note was some US Fed speak in which one member said we may not see as many interest rate hikes as forecast this year; which obviously took the wind out of the US$ sails. With just domestic Building Approval numbers due this morning, I'd see the aforementioned trend line remain in place for today at least.

Elsewhere, focus was on the UK as embattled PM Theresa May reshuffled her cabinet and kept her main challenger for the job, Boris Johnson (ex-London mayor and BREXIT instigator), in as Foreign Secretary. The Pound strengthened on this news but only fleetingly and we remain at the highs that have capped for the last couple of months; just shy of 0.58p. Interestingly A$Euro has broken higher and appears to be on the way to test 0.66c being the 50% retracement of the sell off started in July last year.

Today should see much of the same as we wait for major data to come from Wednesday on-wards, but more on that tomorrow.  

 

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468 

 

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