Compass Global Markets' Blog

Market Update – 9th August 2016 – Bullish Momentum Sees AUD Test 0.7650 Again

Posted by Patrick Downes on August 9, 2016 at 9:53 AM

Equities across Europe and Asia extended gains over night and yesterday pushing the ASX200 to a 1.1% gain over the past 12 months and a whopping 18% year to date gain. Given the reasonably quiet evening in terms of data releases we weren’t expecting to see too much movement in the Aussie dollar, but the bullish momentum continued with AUD/USD back above 0.7650, while AUD/GBP is back above 0.5870, after nearly falling below 0.5800 yesterday.

Ahead today is NAB Business Confidence at 11.30am while Chinese inflation figures are delivered around the same time. U.K manufacturing is released at 6.30pm.

DATA RELEASES TODAY:

AUD – NAB Business Confidence at 11.30am

GBP – Manufacturing Production at 6.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7654

AUD/GBP – 0.5871

AUD/EUR – 0.6908

AUD/NZD – 1.0718

AUD/JPY – 78.366

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Call Patrick: +61390998459 or +61431278632  Email Patrick: patrick@compassmarkets.com

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