Opinion – Monday 17 July 2017

For any trader who was an Australian Dollar bear, Friday was about as depressing a day as it has been all year, AUD/USD coming within a pip of its 2016 high of 0.7835 and closing at its highest level since May 21st 2015. A lot of analysts are now going to have to re-evaluate where they stand with the Australian Dollar for the rest of this year as any economist still forecasting a move below 0.70 – it looks a long way down from here. Downside surprises on US headline and core CPI (the fourth in succession) Retail Sales and Consumer Sentiment, made it a miserable day for the US dollar. Combined with the VIX falling further below 10 and retesting the 9.36 year-to-date low, this tells you just about everything you need to know about the AUD’s 0.7832 NY closing level.

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For anyone following my Platinum Service it made 23 points on Friday and is now ahead by 579 points for July, having made 1023 points in June, 1071 in May, 1376 in April, 1335 in March, 1481 in February and 1734 in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1700 points.