EURAUD sustains its 3rd consecutive quarterly decline, which is the longest losing streak in over four years as Aussie data defy the waning warnings about China, the RBA gives up on talking down its currency and the ECB enters negative interest rates. The lack of viable safehaven alternatives in FX has increasingly paved the way for commodity currencies such as CAD and AUD. But has the RBA had enough? Will RBA governor Stevens reiterate his usual pessimism in order to stall the Aussie's latest bounce in his speech tonight? Or will today's Aussie confidence figures trump any impact from the Governor? We could also go on about the importance of Thursday's release of the flash August services and manufacturing PMIs from the Eurozone. Since we opened two Premium shorts in EURAUD more than 4 weeks ago, a net of 180-pips has accumulated in both trades. The key with these trades is not only determining the correct direction, but also managing stops carefully. Full details of these trades and today's charts are found in the Premium Insights.
|RBA's Governor Glenn Stevens Speech|
|Aug 19 23:30|
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