Key Data Being Released Today.
Tuesday:
- EUR ZEW Economic Sentiment: exp. 26.5
- EUR German ZEW Economic Sentiment: exp. 20.4
The Aussie Dollar
In a week of pretty heavy economic data, today we find ourselves having a day off with little data being released.
Overnight the AUD/USD strengthened during the American session. Despite a negative market sentiment as witnessed by US stocks recording losses between 0.45% and 0.56%. The Australian dollar’s strength has been underpinned by a solid rally on commodity prices. Crude oil has hit another multi-year high, with the WTI consolidating above $80, while the Iron Ore price per ton rose due to higher demand from China.
We will be keeping a close eye on Iron Ore to see how close the correlation will be between the AUD/USD and the Commodity. But if we take a step back and have look at the broader perspective on the market, it’s important to so see how much long-term strength is in the Aussie Dollar. As FX analysists at Credit Suisse state “the AUD/USD is likely to be capped at 0.7365”
If you want to discuss how a how we can help your business protect itself from declines in the AUD/USD, please get in contact your account manager or email us on sales@cafx.com
AUD/USD Daily Chart
Major Global Markets
- Stocks
- S&P 500 closed at 4361
- NASDAQ closed at 14699
- ASX 200 closed at 7299
- Currencies
- AUD/JPY – At the time of writing this report trades at 83.29
- AUD/CNH – At the time of writing this report trades at 4.7416
- DXY (US Dollar Index) – At the time of writing this report trades 94.36
- AUD/EUR – At the time of writing this report trades 0.6360
- Bonds
- US 10-year Bonds have continued to rise, currently at 1.633
- Commodities
- Iron Ore – Trading at USD/T 130.2
- Gold – trading at USD/OZ 1754
- Brent Crude Oil – Trading at USD/Bbl 83.66