Currency Spreads: Rising Australian Dollar Sees AUD/USD Break Above Parity
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The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 13 October 2011
The FTSE doesn’t seem to care too much about the worsening situation of UK employment and is preoccupied with what’s going on in the land of its biggest trading partner.
The Slovaks are making noises about passing the vote on the EFSF and investors remain relatively optimistic that the sovereign debt and banking crisis can be averted.
I use the word “relatively” when describing the optimism in the spread betting markets because we all know too well that this can be scuppered in an instant and we could eradicate the gains from recent days in no time.
For now though the FTSE seems content around the 5400 level and, as yet, hasn’t reversed back down again like we’ve seen in the past.
If the index spread trading market can maintain these highs then it could push to test beyond the resistance, but that’s all dependent on the elephant in the room.
The Dollar was the whipping boy yesterday and has now pretty much eradicated the gains it has built up since the middle of September.
This resulted in good strength for EUR/USD which surged back above $1.3700 and is now hovering around $1.3800 at the time of writing. The Dollar weakness gave Cable a boost too which almost hit $1.5800 but this morning is at $1.5735.
One of the biggest gainers against the US currency in the past few days has been the Australian Dollar which has enjoyed an 8.5% rise from its recent lows around $0.9400.
Now well back above parity, the AUD/USD is at $1.0220 this morning testing a three week high.
Gold rallied on the back of the Dollar weakness and even got to as high as $1690 before rejecting these dizzy heights and heading back to the mid $1670s.
This morning the gold spread trading market at $1674.0 and already we’ve seen fluctuations between $1680 and $1670.
Slowly but surely the precious metal has been grinding higher since its sharp correction at the end of September in a bid to recapture the $1700 level.
Having said that, the speed with which it has been moving higher is uncharacteristic and when you look at the daily candlestick chart it looks a little like a respite rally before the next leg down.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'Currency Spreads: Rising Australian Dollar Sees AUD/USD Break Above Parity' edited by SD, updated 13-Oct-11
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