Equity markets and commodities led by iron ore grinded higher overnight and yesterday as positive market sentiment boosted risk assets once again, however key resistance levels are proving tough to break for some other asset classes - at least from a charting perspective. More specifically AUD/USD failed around 0.7650 which was achieved just before Brexit results, while the ASX 200 (probably the key local stock market indice) appears to again run out of steam at 5,400 - we've had a go at 5,400 on about 6 occasions since early May. Looking at AUD/GBP we're starting to see a bit of GBP fight with the currency pair falling about 2% since briefly touching 0.5850.
Ahead today? Not a great deal, with only Chinese Trade Balance figures due around lunchtime and Canadian interest rates around midnight.
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DATA RELEASES TODAY:
CNY - Trade Balance Figures
CAD - Interest Rate Announcement at midnight
AUD EXCHANGE RATES:
AUD/USD – 0.7613
AUD/GBP – 0.5745
AUD/EUR – 0.6883
AUD/NZD – 1.0443
AUD/JPY – 79.768
***Above rates are indiciative wholesale rates and intended as a quide only***
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Senior Corporate FX Dealer
Contact Patrick for a quote on 0431 278 632