We're higher today than when my last report went out on Wednesday morning, with AUD tracking back above 0.7600 vs. the USD on comments from RBA Gov. Lowe who suggested the next move in local interest rates would likely be up rather down, however in further comments he suggested that that likely move higher was probably still a fair way off given the magnitude of housing debt, slow wages growth and lingering poor retail sales figures.
In other news Bloomberg.com has headlined there website today with the rather gloomy title "The Party Is Over for Australia's $5.6 Trillion Housing Frenzy" - following slowing price growth in both Sydney and Melbourne. And while the headline appears overly gloomy it doesn't suggest a severe correction in prices is coming back rather just a period of softer growth and perhaps caution with respect to investments in property.
Other than that I hope you'll all have a great weekend and I'll be speaking with most of you over the next month to thank you for your continued business and hopefully gain some insights on what I and Compass can do better in 2018!
AUD EXCHANGE RATES:
AUD/USD – 0.7626
AUD/GBP – 0.5729
AUD/EUR – 0.6434
AUD/NZD – 1.1062
AUD/JPY – 84.814
Gold – A$1692/oz
Silver – A$22.40/oz
WTI – US$58.52/barrel
DATA RELEASES TODAY:
No data out today or over the weekend
***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