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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