The Aussie dollar has corrected somewhat overnight thanks to another dip in iron ore prices and generally weaker investor sentiment across the board. AUD/USD is back below 0.7600 as I suspected could be the case (on Monday) given considerable resistance around the 0.7600 figure.
Little economic data was released yesterday and very little is due out today again; as such you'd have to suspect that the Aussie will either bubble away at current levels or drift lower still. Either/or it could be a good time to look at hedging future USD exposures particularly given how poorly the Aussie has performed when at or around the 0.7600 figure. Call me to discuss options to take advantage of the Aussie at current levels - 0431 278 632.
DATA RELEASES TODAY:
NZD - RBNZ Rate Statement at 7.00am (tomorrow morning)
AUD EXCHANGE RATES:
AUD/USD – 0.7547
AUD/GBP – 0.5972
AUD/EUR – 0.6775
AUD/NZD – 1.0431
AUD/JPY – 84.154
***Above rates are indicative wholesale rates and intended as a guide only***
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
Senior Corporate FX Dealer
Phone Patrick - 0431 278 632