Thread: OzForex Market Update (20/09/10 - 24/09/10)

Good morning all,

I hope you all had a great weekend! Here's last weeks market overview.

The Australian Dollar held onto recent gains yesterday and traded quietly throughout the Asian session, hovering between 0.9530 and 0.9574. Soon after entering off-shore trade, a decrease in risk appetite caused the AUD to break the down-side of this range and it fell below 95 cents to test lows near 0.9465. Investor sentiment continued to steer the currency pair overnight as US Unemployment Claims unexpectedly increased 12K to 465K, with a brief rally back above 0.9500 after it was announced US existing home sales increased more than expected to an annualized 4.13M. Opening today lower at 0.9485 the Aussie is likely to maintain a cautious approach as markets look to whether the upcoming US Durable Goods Orders will weigh further on risk appetite.

A quiet day was seen by most currencies yesterday with most volatility occurring during the European and North American sessions. Sterling entered the day in London unchanged at 1.5655 and despite a decrease in Mortgage approvals managed to stage a rally above 1.5730, touching levels not seen since mid-August. Unable to hold onto these gains, Cable fell back below 1.57 as a decrease in market sentiment helped boost the US Dollar and the pair is currently settling around 1.5680. Opening today stronger against the Aussie and the Kiwi, the Pound appears more supported by risk aversion rather than inherent strength.

Have a great week

Regards

Jon Sermon
Alliance Manager
http://www.ozforex.com.au/

Thanks for posting Jon.

Yes, nice info Jon, thanks.