The local unit holding its own.

April 5, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning all;

 

AUDUSD: Price action has been quite supportive of my view the A$ is headed for higher ground, here at least. We have had a string of healthy domestic major economic data releases, however the scaremongering reports relating to the fights US President Trump is picking could easily have caused the currency to bounce around in a wider range than the 1c range we have seen - yet here we still sit at 0.77cents. Granted the market has been thinned by holidays and the wait for tonight’s all important US Unemployment report, however it has taken much less than this to create a risk averse environment that results in a concerted sell off. Tonight’s US numbers are expected to show another sizeable gain in the number of jobs created the past month, but the pace of that gain is slowing whilst the real markets sees Trump’s comments for what they are – bluster. Big picture is the worlds economy is in a good place; so equities and commodities and thus the A$ have some catching up to do.

 

AUDEUR: Congratulations to those that took heed of my Wednesday report to convert your Euro's into Aussie as a number of weaker second tier French and Dutch economic data releases, as well as a generally buoyant A$, has this pair at 2 week highs. We do sit bang on the 50% recovery level of the low / high extremes seen since the 2nd February, so I can't see too much further upside for perhaps more than a week.  

 

AUDGBP: A similar story here as we hit  highs last seen on the 19th March. The move has generally been accredited to the weaker than expected UK Construction sector and Services sector data released in the last few days, however looking at the charts we had hit technical resistance from a trend line coming since mid 2016. The overall trend is still very much held in the downward channel, however those buying back their A$ may get a fair suck of the sav. 

 

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468 


AUDUSD   

AUDEUR

AUDGBP 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Please reload

Featured Posts

I'm busy working on my blog posts. Watch this space!

Please reload

Recent Posts

February 9, 2020

Please reload

Archive
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Free Call: 1800 FINPORT (346767)   Email: info@finport.com

Finport Finance Pty Limited ACN 624 778 123.

Finport Trade Finance Pty Limited ACN 606 669 505.

 

Business Address: Suite 105, 20A Danks Street, Waterloo, NSW 2017

Registered Office: Level 11, 1 York Street, Sydney NSW 2000

Mailing Address: PO Box 2289, Taren Point NSW 2229

 

Finport makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this website.

Website Terms of Use     Disclaimer    Privacy Policy

  • Facebook Social Icon