Market Update – 17th June 2016 – Aussie Dips Slightly On Poor Employment Figures

Aussie employment figures released yesterday morning painted a pretty bleak picture of the Aussie labour market with 100% of the new jobs created being part-time while last months figure was heavily downgraded from about 10,000 new jobs to just 800. As a result we saw the Aussie dollar dip from 0.7420-30 to around 0.7380 immediately following the data release perhaps on anticipation that the RBA might have to chip in with another rate cut or two at some point during 2016.

Reserve banks in Switzerland and the U.K kept rates on hold again overnight while U.S CPI came in pretty much on expectations at 0.2% month on month. Overall the data releases saw U.S equities gain, European equities fall while commodities remain a sea sawing affair. Our local super commodity – iron ore – is holding just above US$50 a tonne.

DATA RELEASES TODAY:

USD – Building Permits at 10.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7370

AUD/GBP – 0.5184

AUD/EUR – 0.6560

AUD/NZD – 1.0442

AUD/JPY – 76.936

***Above rates are indiciative wholesale rates and intended as a quide only***

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Patrick Downes

Senior Corporate FX Dealer

 Compass Markets

Contact Patrick for a quote on 0431 278 632

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