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The AUD/GBP cross rate weakened into a new trading range, below 0.4800. The downward bias is likely to continue until the Australian Government is able to reach a trade agreement with the US. The UK has managed to succeed, on the trade front, as recent economic data has been positive. The caveat, for the direction of the cross rate, will be emerging UK economic data.
Current Level: 2.0940
Resistance: 2.1270
Support: 2.0000
Last Weeks Range: 2.0680 – 2.0985
The AUD/EUR cross rate is toying with the 0.5700 mark and oscillates, as the US/EU trade war develops. The Trump Administration offered relief to the EU, giving them negotiating space, until the 9th of July, but progress will be monitored closely. The EUR has benefitted from the latest Court sanctions, on the Trump trade policy,…
Monday 24/05 10:45AM, NZD, Retail Sales q/q Forecast: 2.50% Previous: -1.80% Actual: -2.60% All Day, EUR, French Bank Holiday All Day, EUR, German Bank Holiday Tuesday 25/05 All Day, CAD, Bank Holiday 12:05pm, JPY, BOJ Guv Kuroda Speaks 2:30AM, GBP, Gov Bailey Speaks 8:00PM, EUR, German ifo Business Climate Forecast 98.2 Previous 96.8
The New Zealand Dollar (NZD) has closed out the day in negative territory against the Euro (EUR) dropping through daily support at 0.5525 (1.8095) to reach 0.5520 (1.8115) a fresh yearly low. Risk sentiment hasn’t favoured the kiwi with investors selling risk products in line with equity drops overnight. Data out in the US has…
Worldwide coronavirus cases surpass 33.5 million with over 1,005,000 official deaths. The New Zealand Dollar has been camped out around 0.6550 versus the greenback in trading this week as markets wait for directional cues. Equity markets surged back, recovering most of last week’s losses with the DOW, Nasdaq and S&P all up over 1.5% this…
Australia As we expected there was little discernible market reaction to the Australian Federal Budget, other than the reduction in banking stocks suffered as news of the new tax leaked out earlier in the day. Rating agencies will now be casting an eye over the underlying cash balance projections to see how robust these projections…
Worldwide coronavirus cases surpass 36.7 million with over 1,066,000 official deaths. Midweek risk appetite turned soft following comments by President Trump via twitter regarding the 2016 election involving Russian interference and rather importantly, no stimulus package until after the 2020 November election. Trump said to the media “I have been instructed by my representatives to…