We've maintained current levels vs most of the majors over the past 24 hours thanks to another strong showing from commodities overnight. The best performers were the industrial metals such as nickel, copper and iron ore which all managed impressive gains despite a lacklustre showing for U.S and European equities. Recent moves have seen Nickel add over 10% this month, while Copper is up around 7% and iron ore 17% since early June. This second wind for commodities stems from improved economic numbers out of China but also because of a long bear market for commodities that saw mine closures and supply diminish. Like anything (including property) mining is cyclical and bull markets typically follow a long drawn out bear market.
Ahead this evening is U.S consumer confidence around midnight - the figure is of importance because it tracks the financial confidence of the everyday U.S citizen. Specifically respondents are asked to rate the level of current and future economic conditions so it gives a broad overview of the psyche of the U.S consumer - which are perhaps the most important cog in this consumer-led U.S economy.
AUD EXCHANGE RATES:
AUD/USD – 0.7922
AUD/GBP – 0.6081
AUD/EUR – 0.6805
AUD/NZD – 1.0655
AUD/JPY – 88.052
DATA RELEASES TODAY:
USD - Consumer Confidence at midnight (AEST)
***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