The US$ sell off stalls

January 31, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning all;

AUDUSD:  Has traded a tight 1% range as the market waited for today's release of local inflation data, President Trump's inaugural State Of The Union Speech, the US Fed Reserve meet tomorrow morning and US unemployment numbers on Friday night. The latter two releases are perhaps the more important and could well ensure we hang around this 0.80-0.81c area for the rest of the week - but could well be in a different ball park come Monday. Best to have some orders in the market to take advantage.

 

AUDEUR:  Has dropped from the highs as EU GDP data was healthy but our inflation numbers weak. EU inflation report  that is due this evening is our only other focus this week and with that expected to be lower - I'd see a push back above 0.65c to come. 

 

AUDGBP: Is also lower despite concerns of PM May being able to hold onto the top job over there. Manufacturing and Construction data releases are Thursday and Friday respectively, which may well see the Pound continue on its way.  As mentioned yesterday, 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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