A drop in CAPEX gives the market a wake up call ahead of the RBA
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Jim Devonport
Forex Worldwide
AUDUSD: Dropped sharply following CAPEX numbers that fell 10% QoQ and 20% YoY, however with the US on holiday and the market more concerned with the upcoming RBA meeting we saw price action hug the days lows. There is no major data due until next Tuesday so current levels should hold. AUDEUR: The poor Aussie data release meant a continuation of the short term correction during our session, however it slowed and we saw virtually no movement for the rest of the day meaning the recent highs cap until Monday. AUDGBP: A similar trading pattern, due to the weaker local data, lack of UK numbers and the US holiday. Tonight's GDP will be the highlight for the whole day and any read either side of +0.5% for the quarter should see Sterling react accordingly. This pair is fairly overbought so we could well see lower levels next week. AUDNZD: Pushed on to hit 2 month highs, although has dipped somewhat toward the close. The overnight highs should cap as we head towards the weekend and Mondays NZ Business Confidence. (VIEW LINK)
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Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships.
Constantly travelling between the Australian and New Zealand offices, Jim’s primary aim is to assist business and high net worth clients on either side of the Tasman with their international money transfers and to effectively manage their foreign exchange risk. Jim happily does this with two main beliefs; the first is to not trying to make money from the financial markets, but protecting capital exposure by actively negating adverse market moves so thereby protecting your bottom line. The second is the use of a solid mix of spot and forward contracts, along with currency options when suitable, to help to create a watertight hedging strategy.
Jim is always glad to offer his guidance in any area of foreign exchange, or the financial markets as a whole, and welcomes the chance to meet with businesses or individuals for a brief chat or more detailed discussion.
Jim Devonport
E: jim@compassmarkets.com
T: 02 8039 1485
M: 0415 066 468
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Jim Devonport
Manager
Forex Worldwide
Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...
Expertise
No areas of expertise
Jim Devonport
Manager
Forex Worldwide
Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...
Expertise
No areas of expertise
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