Finport Currency Brief - Courtesy of Compass Global Markets.
Good morning all;
AUDUSD: Saw it's biggest fall in 2 months, dropping sharply from 4 month highs. The elevated level was due to US Treasury Secretary Mnuchin suggesting a weaker US$ was good for trade, however US President Trump has just stated that earlier comments were taken out of context and he want's a "stronger and stronger Dollar". The markets have been spooked by this and the pair fell over 100 points from the earlier highs.
I do however see this move as a brief opportunity for those buying A$ to jump in. The upward trend is still intact, targeting 0.8150, with charting technical support levels well below here.
AUDEUR: A volatile day for this pair as well; the European Central Bank President said he sees the zone's economic expansion set to continue and didn't address the recent common currencies strength - which gave the market a green light to take the Euro higher still. We open at 1 month lows, but looking at the charts over the last 4 years these levels have largely held so I don't see too much further downside.
AUDGBP: Has an up day as the Pound suffered the more from US President Trump's comments. The market also pulled Sterling back ahead of important GDP data this evening and highly anticipated speeches by the Bk of England's Governor and the UK Brexit Minister. It should be a volatile end to the week. Be prepared with orders placed at your chosen levels.
M: 0415 066 468