Starting to build up steam

April 17, 2018

Finport Currency Brief - Courtesy of Compass Global Markets.

 

Good morning all;

 

AUDUSD: Has held a tight and steady price range as the market looks to political tensions in the middle east. Encouragingly for importers and those looking to sell A$ at higher levels, the A$ would normally have been sold off in this situation but has held firm, even in the face of improved US Industrial Production and Housing numbers. Focus is on tomorrows domestic Unemployment data, which is expected to show a improvement to 5.5%, so once political concerns are out of the way I'd expect a sustained break for this pair.  

 

AUDEUR: German economic confidence fell sharply in April and has contributed to the pairs continued attempt to break through 0.63c. There is no other EU centric data this week, except for a speech by the President of the German Central Bank, but with no great shakes expected there the sideways to upward trend is in place. Therefore as per Monday's report, once Friday's highs are broken then we should  be on our way higher with a 0.65c medium term target. 

 

AUDGBP: UK Unemployment fell to another all time low at 4.2% and Average UK Earnings increased 2.8%, on top of the 3% seen the prior quarter. With numbers like this it's no wonder Sterling has rallied as much as it has. I see no reason to expect any reversal, except for any fall out from their Syrian attacks, but with Russia silent and tonight's UK inflation data expected to show another healthy increase it appears only a matter of time before 0.54p is broken.

 

Jim Devonport

E: jim.devonport@finport.com

M: 0415 066 468 


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