A$ signals a recovery

Finport Currency Brief - Courtesy of Compass Global Markets.

Good morning all;

AUDUSD: A relative calm in equity markets and news that policy makers in the US have ended a US Government shut down has given investors comfort to get back to trading. The A$ has also benefited from a larger flow of exporters jumping on these low's, obviously with the same thought as me that we are headed for 80c and above once again. Focus turns to Thursday's unemployment data; so price action should stay relatively calm until then - unless the equity markets melt down again of course!

AUDEUR: Continues it's sideways trading pattern with our forecast 0.6350 levels holding and appears to also be looking to try a recovery near term. There are no major EU data releases this week, so domestic unemployment as well as the general market sentiment will be the main driver here. I'd favour another go at 0.65c.

AUDGBP: A blow out in the UK Trade Deficit has this pair sharply reversing previous losses and back above the 0.5650 area. Tonight's UK inflation number is very important, given the recent comments from the Bank of England on nearer and larger interest rate hikes. Anything can happen here, so best be protected on both sides.

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468




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