Very little economic data released overnight and yesterday means the Aussie dollar is little changed from this time yesterday, however we did see the latest economic numbers out of China and while the numbers failed to meet expectations of 7.00%, industrial production still managed to post a respectable 6.5% growth which is about on trend for the past two years. Whether we ever get back to the heady days of 10-20% growth in industrial production remains to be seen but you just never know. The future is after all quite unpredictable.
U.S equities and stocks all managed to make gains overnight with iron ore up around 1.5%, while U.S stocks managed to push higher by a factor of half a percent or thereabouts. Ahead today is the minutes from the latest RBA meeting held earlier in the month, while we'll also see UK CPI numbers around 6.30pm AEST. UK inflation numbers will be watched closely by traders and should be watched closely also by those with GBP exposures, for the simple reason that AUD/GBP has fallen over 500 points since late March; further strong CPI numbers out of the UK could suggest further falls ahead for AUD/GBP. Call me if you'd like to discuss further.
DATA RELEASES TODAY:
AUD - Monetary Policy Minutes from the RBA at 11.30am
GBP - CPI at 6.30pm
USD - Building Permits at 10.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7385
AUD/GBP – 0.5713
AUD/EUR – 0.6723
AUD/NZD – 1.0736
AUD/JPY – 83.978
***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