AU$ looking to grind higher

February 25, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning all;

AUDUSD: As forecast, the A$ closed last week slightly off the lows and continues to trade either side of the 50% retracement of the rally from 75c to 81c that we saw over Christmas. Focus for the week ahead centres around US Durable Goods, GDP and manufacturing economic data that comes Tuesday, Wednesday and Thursday respectively. No great shakes are expected, so it should mean the A$ is free to start the recovery.

 

AUDEUR:  European Consumer Price inflation data came in at 1.3%. This is well short of the European Central Bank's 2% target and so pushes any thoughts of a hike in interest rates from them on the back burner. There's no major due from the Eurozone at all this week, so we'd suggest the A$ has another crack at 64c+.

 

AUDGBP: The A$ is slightly lower here as UK Prime Minister May seems to be surviving calls for her to step down and as agreements over the BREXIT start to be made. UK Manufacturing data is expected to show another month of expansion and so could mean this pair maintains its heavy tone.

 

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468 

 

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