Market Update – 15th November 2016 – AUD Remains In Strong Position Thanks To Rebounding Commodities

Markets have remained relativiely range bound so far this week in the absence of any news or economic announcments, however it all picks up pace again today and this evening with a raft of data due out. Local monetary policy minutes kickstart the day at 11.30am, followed by German GDP at 6.00pm this evening and then U.K CPI and US retail sales.

Commoditiy prices – something I haven’t spoken about for a little while – have also rebounded of late, with the star performers being coal, iron ore and copper. Precious metals such as Gold have however fallen as market risks have resided following infrastructure optimism surrounding Drumpfs election as the next U.S President. Strong commoditiy prices are probably one of the reasons the Aussie has remained resilient as our economy relies heavily on the above mentioned commodities which have recently strongly rebounded.

DATA RELEASES TODAY:

AUD – Monetary Policy Minutes at 11.30am

EUR – German GDP at 6.00pm

GBP – U.K CPI at 8.30pm

USD – Core Retail Sales at 12.30am

AUD EXCHANGE RATES:

AUD/USD – 0.7553

AUD/GBP – 0.6041

AUD/EUR – 0.7032

AUD/NZD – 1.0605

AUD/JPY – 81.881