Market Update – 10th January 2018 – AUD Remains Buoyant While Building Approvals Surprise To The Upside

Building approvals out yesterday morning well and truly bucked the trend with a staggering 21,000 new units approved for construction – I guess we can always use more apartments? Probably not, but with interest rates at all time lows there are clearly developers still trying to squeeze those last few dollars out of this once in a lifetime property boom.

The Aussie dollar fell from recent highs over the past 24 hours, but not dramatically with AUD/USD down by only half a percent or so, while AUD/EUR remains unchanged at 0.6550 on the wholesale market. Commodities remain buoyant as Zinc, Copper and Nickel remain near recent highs.

A bit of Chinese economic data is out today in CPI and PPI otherwise known as the Consumer and Producer Price Index – not surprisingly a rising number is seen as good as both higher CPI and PPI suggests growth remains strong in the worlds most populace nation. U.K Manufacturing Production is out later this evening as is tipped to come in at a paltry 0.3%.

AUD EXCHANGE RATES:

AUD/USD – 0.7821

AUD/GBP – 0.5776

AUD/EUR – 0.6551

AUD/NZD – 1.0913

AUD/JPY – 88.094

COMMODITIES: 

Gold – A$1679/oz

Silver –  A$21.73/oz

WTI – US$62.86/barrel

DATA RELEASES TODAY:

CNY – CPI and PPI at 12.30pm

GBP – Manufacturing Prodn at 8.30pm