Finport Currency Brief - Courtesy of Compass Global Markets.
Good morning all;
AUDUSD: Still continues to trade either side of the 50% retracement of the rally from 75c to 81c that we saw over Christmas. Comments from the US Federal Reserve has given the US$ a small boost whilst US data has been mixed. There are a couple of other major data releases due to come this week, however price action remains stable and could well be that way until next Tuesday's Reserve Bank of Australia meeting. Trade the range!
AUDEUR: The current bout of low volatility is reflected in this pair, despite comments from the European Central Bank that their policy will remain very "accommodative", meaning they are happy to keep flooding the market with Euro's/liquidity to ensure the economy ticks along. There's no European economic data due to speak of, so I'd suggest importers or those buying Euro's to jump on anything better than 0.64c.
AUDGBP: The last week has seen this pair held in a 0.5580 to 0.5650 range and we trade bang in the middle of that today. UK Manufacturing data comes tomorrow evening Construction numbers on Friday. However it is the speeches by Prime Minister May and the Bk of England Governor Carey, which are due to be heard on Friday night, that could well see a break. Trade the range in the meantime, but maybe best to clear invoices prior to the weekend.
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