The RBA held rates steady at 1.5% yesterday afternoon and provided few changes to their standard rhetoric as delivered each month. The result was initially a bounce in AUD, but then we slowly drifted lower to levels seen just before the announcement of no change to interest rates.
Commodity prices drifted lower overnight, however global developed market equities surged higher once again. The Dow Jones Industrial Average is now headed towards new all time highs and will likely clear 22,000 by late this week following a surge of money into already ridiculously inflated equity prices in the U.S.
Ahead this evening is UK and U.S economic data with the most importance coming from that ADP preliminary jobs number out of the U.S.
I'm at Mt Baw Baw today, and while I'm not in the office, can still book deals for clients. However please email me as opposed to calling for a rate - it's a lot easier to book deals this way.
AUD EXCHANGE RATES:
AUD/USD – 0.7966
AUD/GBP – 0.6032
AUD/EUR – 0.6750
AUD/NZD – 1.0661
AUD/JPY – 87.902
DATA RELEASES TODAY:
GBP - Construction PMI at 6.30pm
USD - ADP Non-Farm Employment Figures at 10.15pm
***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