The US$ sell off slows ahead of an important week

January 29, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning all;

AUDUSD:  Is slightly off the highs we saw on Friday as the market looks to major economic data events. The week ahead is due to see local inflation numbers tomorrow, but a flood of information from the US including the unemployment rate, US Federal Reserve meeting and the State of the Union address by President Trump. We are therefore set for a volatile next few days and could well determine the medium term direction. I'd suggest the best way to play this is to have OCO or "one cancels the other" orders placed at both a target level and worst case scenario - which ever gets hit first automatically cancels the other. Call us to determine levels.  

 

AUDEUR:  Has pushed higher as a member of the European Central Bank suggested their monetary stimulus program could continue for some time, due to the lower inflation levels. European inflation numbers are due tomorrow, so we should see whether the ECB minister is right or not  and a weaker print for that economic release could well spark a push above 0.66c. 

 

AUDGBP: Is back up at 1 week highs, as newspaper reports concerns from her own party as to whether Prime Minister May has the support to maintain leadership. Looking ahead we have a speech by the Bank of England Chief on Tuesday night with Construction and Manufacturing figures later in the week. On the charts we sit in the middle of the 2018 range and so for now good enough levels for buyers and sellers. A break of the month long range should determine where we go for the next 3+ months.

 

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468 

 

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