Finport Currency Brief - Courtesy of Compass Global Markets.
Good morning all;
AUDUSD: Fridays US Employment Change release of an amazing 313,000 additional jobs over the last month, beat most expectations. However that number failed to nudge the Unemployment Rate lower and with news that Wage Price Growth slowed meant the market was disappointed and saw the A$ take advantage. We open at 0.7850 and at 2 week highs focusing on US Inflation Numbers tomorrow night, that could easily give us a boost and push the pair back to 0.80c with 0.8250 as my medium term target. A target for those looking at buying A$ can target anything below 0.78c, but I fear you may miss out.
AUDEUR: The A$ is higher, as forecast on Friday, due to the rate of German Industrial Production surprisingly dropping, versus expectations of another healthy increase. Focus is now on European Central Bank President Draghi's speech tomorrow night, in which he is expected to confirm interest rates are to stay low for longer. This should push the pair back to my 0.65c target.
AUDGBP: Has healthily bounced away from the 0.56p lows to print up at highs that have held since the start of February and it will be interesting to see if we can finally break through to hit the 0.58p target. Apart from the UK Annual Budget Release tomorrow night, there is no major UK data due until next week so this may be as good as it gets for those with GB Pound invoices to pay this week, so hold fire if you can.
M: 0415 066 468