Compass Global Markets' Blog

Market Update - 9th August 2017 - AUD Continues Slow Drift Lower Vs. The Greenback

Posted by Patrick Downes on August 9, 2017 at 8:29 AM

A busy day with respect to economic data could see AUD/USD close back below 0.7900 for the first time in about three weeks. The AUD as a whole is reasonably stable, but lower vs. the Greenback which appears to have found some bullish momentum more recently. The dollar index (a trade weighted average of the value of the USD) has found support around the 0.9200 handle hence why AUD/USD appears to have stalled around 0.79-0.80. Whether the longer term trend of a weaker USD continues remains to be seen but hinges on interest rate expectations from the U.S Federal Reserve but also Trump's willingness or rather ability to get an infrastructure plan and tax cuts across the line - he's so far not been able to make progress here.

Data released today includes local Consumer Sentiment and Home Loans figures, along with Chinese CPI and PPI around 11.30am this morning.

AUD EXCHANGE RATES:

AUD/USD – 0.7905

AUD/GBP – 0.6086

AUD/EUR – 0.6732

AUD/NZD – 1.0791

AUD/JPY – 87.111

DATA RELEASES TODAY:

AUD – Consumer Sentiment at 10.30am

AUD - Home Loans at 11.30am

CNY - CPI & PPI at 11.30am

***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 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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