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Chinese Data lifts Commodity Currencies


Australian Dollar

AUD / USD

Expected Range

0.7650 - 0.77500

The Greenback feel for a third straight day after better than forecast Inflation data was released suggesting an interest rate rise may not be too far away. The AUD reached an overnight high of 0.7729 breaking through the previous resistant level of 0.7690. It’s the first time in a month the Aussie has broken through the 0.77 cent level. Today all eyes will be on the Employments data at 11.30am AEDT. The forecast for a slight change from 5.6 percent to 5.7 percent. The Aussie is currently changing hands at 1.0674 (0.9368) against the Kiwi Dollar and 0.6286 (1.5906) against the Pound.

Great British Pound

GBP / AUD

Expected Range

1.5900 - 1.6000

The British Pound has managed to hold on to recent gains earlier in the week and is currently changing hands at 1.2290 against the US Dollar. Concerns that ‘Brexit’ could lead to redundancy for many UK residents have eased slightly with unemployment figures coming in right on expectations and unchanged at 4.9%. A rally is the Australian dollar caused the GBPAUD cross to weaken further falling to near three-year lows of 1.5909 (0.6285). Similar story with the GBPNZD cross rate which is at records lows and currently trading at 1.6989 (0.5887), an opportune time for anyone needing to buy Pounds at the moment. Today we see the release of September Retail sales which are expected to rise 0.3%.

Majors

USD, EUR, JPY

Expected Range

N/A

The US Dollar lost ground against commodity based currencies overnight as data out of China suggest that the world’s largest economy was on track to maintain its recent growth targets. The Chinese GDP number came in as expected at 6.7% and in line with the previous two quarters suggesting that there is still some room for growth in the economy despite a recent surge in government and private debt. Against the EURO, the US Dollar gained some ground pushing it down below the 1.10 mark to an intraday low 1.0975 as traders await the European Central Bank’s interest rate decision today and whether or not they will start tapering off their bond purchases. Against the Pound and Japanese Yen, the Dollar is steady at 1.2285 and 103.44 respectively. The release of the Beige book overnight muddied the waters somewhat for Fed Policymakers as it showed wage growth remained modest in most districts for the September and October periods.

New Zealand Dollar

NZD / USD

Expected Range

0.7150 - 0.7250

The New Zealand Dollar continues to see moderate gains overnight as the Kiwi traded in a tight range above support at 0.72. The Kiwi saw a two-week high of 0.7249 as a rally in major equity markets and a boost in commodity prices spurred risk on currencies. The NZD/USD movements will be dominated today by the third and final United States presidential election debate kicking off at 12pm (AEST) today. The New Zealand Dollar opens higher this morning against the US Dollar at 0.7230 and lower against the Australian Dollar 0.9372 (1.0670)

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