European and U.S equities finished mostly lower in overnight trade with the French CAC and Euro Stoxx 50 the worst performers down by about 0.4%. Commodities markets also retreated however iron ore has continued to buck the trend and remains in pretty good shape near US$90 a tonne. Not surprisingly we saw Gold and Silver rally as equities and the risk averse Aussie dollar fell.
Local employment numbers which were released yesterday morning remain positive with about 13,500 new jobs created which helped push the unemployment rate back to 5.7%. But if we dig a little deeper the data shows that many of the jobs created recently continue to be part-time jobs as opposed to full-time jobs, and while this seems like a neither here nor there argument with a job being a job markets do prefer to see full time employment as opposed to short-term part-time positions. As such AUD/USD has fallen over the past 24 hours.
Nothing much due out today but we will see UK retail sales later tonight.
DATA RELEASES TODAY:
GBP – UK Retail Sales at 8.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7662
AUD/GBP – 0.6128
AUD/EUR – 0.7176
AUD/NZD – 1.0661
AUD/JPY – 87.111
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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