Market Update – 14th March 2017 – Markets Rebound With Strong U.S Jobs Numbers & Commodities

For those of you in SA, VIC, Tassie and Canberrra – hope you all enjoyed the long weekend. In Melbourne the weather was lovely so I certainly can’t complain.

Markets finished last week on a high note with U.S jobs numbers very positive showing a further decrease in the unemployment rate to 4.7% from 4.8% with around 235K new jobs created. The strong jobs numbers certainly support a rate hike from the Fed this week when the Federal Reserve chaired by Janet Yellen meet Thursday morning. The market appears to be fully pricing in a 25 basis point increase to 1% so it’s now just a matter of wait and see.

Commodities performed well overnight with iron ore, nickel and copper all making gains while gold continued to slip amid renewed global optimism (Gold is a safe haven, performing well when times are uncertain). Ahead today is Chinese industrial production followed by U.S producer prices later this evening.

DATA RELEASES TODAY:

CNY – Industrial Production at 1.00pm

USD – Producer Price Index at 11.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7529

AUD/GBP – 0.6163

AUD/EUR – 0.7063

AUD/NZD – 1.0935

AUD/JPY – 86.560

***Above rates are indicative wholesale rates and intended as a guide only***

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick – 0431 278 632 

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