Commodities were mixed overnight and the Aussie flat while equities made modest gains. Locally yesterday, the economy grew by about 0.8% in the latest quarterly GDP reading which was bang on expectations and about on trend i.e. GDP figures certainly didn't shoot the lights out, nor did they disappoint, hence the lack of movement in AUD.
Overall things remain rather subdued on the currency front other than the ongoing North Korea/Drumpft chest beating which appears also to be dissipating. Ahead today is more Aussie economic data in retail sales and trade balance figures and this will all be watched quite closely by the RBA and traders looking for an indication on whether higher interest rates are causing Aussies to put their wallet away and retstrain their spending.
AUD EXCHANGE RATES:
AUD/USD – 0.8002
AUD/GBP – 0.6132
AUD/EUR – 0.6711
AUD/NZD – 1.1118
AUD/JPY – 87.423
DATA RELEASES TODAY:
AUD – Retail Sales & Trade Balance Figures at 11.30am
EUR - Interest Rate Decision at 9.45pm
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick - 0431 278 632
