Compass Global Markets' Blog

Market Update - 14th March 2018 - AUD Struggles To Break Through 0.7900...Again

Posted by Patrick Downes on March 14, 2018 at 9:27 AM

For the last two sessions the AUD has failed to break through 0.7900 vs. the Greenback suggesting a great deal of resistance at this crucial big figure level. U.S CPI came in on expectations overnight at 0.2% for the month of February which probably explains some of the inability of AUD/USD to push through 0.7900. A near term catalyst for the move could be tonight's U.S retail sales and producer prices released around 11.30pm - however we'd have to see a pretty poor number for a break above 0.7900 - alternatively another bullish night for commodities and equities could have a similar result.

Aussie home loans figures were out yesterday and disappointed, coming in a whole 1% below expectations as home loans numbers contracted a further 1.1%, additionally NAB business confidence also declined from 11 to 9 in the latest reading released yesterday.  Out this morning is Westpac consumer sentiment figures.

AUD EXCHANGE RATES:

AUD/USD – 0.7855

AUD/GBP – 0.5624

AUD/EUR – 0.6338

AUD/NZD – 1.0722

AUD/JPY – 83.637

USD/BTC – $9,092

COMMODITIES/EQUITIES: 

All Ords (XAO) – 6,077

Gold – A$1687/oz

Silver –  A$21.11/oz

WTI – US$60.83/barrel

DATA RELEASES TODAY:

CNY - Industrial Production y/y at 1.00pm

EUR - ECB President Draghi Speaks at 7.00pm

USD - Core Retail Sales and Producer Prices at 11.30pm

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Report, Market

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