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Just when I mention the AUD has appeared to consolidate in the 0.77's vs the Greenback surely enough we bounce higher proving again the unpredictability of financial markets and indeed also the Aussie dollar. We have rallied pretty much across the board with the AUD higher against the USD, EURO and Pound despite stronger than anticipated U.S economic data released last night. The data showed Core PPI beating estimates coming in at 0.4% vs. the expected 0.2%, while weekly unemployment claims declined to 243,000. Overall it continues to paint a rosy picture of the U.S economy which may see interest rate expectations remain on track, i.e. expect further rate hikes from the U.S Fed over the next 12 months.
Ahead this evening is more AUD/USD sensitive economic data with U.S CPI and Retail Sales due at 10.30pm. The market is expecting further growth in both of these economic indicators with core retail sales anticipated to hit 0.9% or thereabouts (core retail sales strips out Automobile sales, but with it included that figure rises to 1.7%), while core CPI (which takes out food and energy) is tipped to come in at a robust 0.2%.
AUD EXCHANGE RATES:
AUD/USD – 0.7819
AUD/GBP – 0.5894
AUD/EUR – 0.6609
AUD/NZD – 1.0963
AUD/JPY – 87.791
Gold – A$1653/oz
Silver – A$22.03/oz
WTI – US$50.98/barrel
DATA RELEASES TODAY:
USD – Retail Sales & CPI at 10.30pm
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632