The exchange rate against the Euro decreased by 0.41 Euro cents (-0.7) to close at 58.04 Euro cents on Thursday night. When looked at in other currencies, the AWEX EMI fell by 6¢ in US terms and by 1¢ in Euro terms when compared with the previous sale.
It is likely that the fall in the US exchange rate is, at least partly, due to the market factoring in an expected further increase in US official interest rates today.
In a three day sale in Melbourne and a two day sale in Sydney, the AWEX EMI remained the same on Tuesday, increased by 1¢ on Wednesday, and by 3¢ on Thursday. The Western Indicator increased by 6¢ on Wednesday and again on Thursday.
The Western Indicator has increased by 46¢ compared with an increase of 13¢ in the Eastern Indicator over the last two months, no doubt a reflection the relative quantities of fine wool in both regions.
The week finished on a strong note after a steady start on Tuesday and Wednesday. As in recent weeks, the medium fleece types received better support than the fine wools, with increases of 10¢ plus reported in some Micron Indicators.
Skirtings were in keen demand, finishing on a strong note. Crossbreds eased slightly in Melbourne on Tuesday, but recovered those losses over the next two days. Oddments were generally up during the week.
Buyers for China were dominant, with good support from others.
Sales will be held in Sydney, Melbourne and Fremantle next week, when75,846 bales are currently rostered for sale.
The National Wool Production Forecasting Committee meets next Thursday. The current forecasts for this season and next are 456 mkg (-4) and 465 mkg (+2), respectively.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
