Market Update – 19th August 2016 – Local Employment Numbers Yesterday Boost Aussie Dollar

Aussie equities lost around half a percent in thin trade yesterday but we look set for a better day on local markets thanks to a solid session for European and U.S equities overnight. To currencies and we see the so called ‘Aussie’ up marginally vs. the Greenback and Euro but down again against a resurgent GBP which has now recovered about 3% since August 16 when it traded at a high of about 0.5980.

Local employment data yesterday provided the Aussie with a short lived boost with the local currency gaining as much as half a percent following the announcement that the unemployment rate dipped to 5.7% and some 26,000 new jobs were created in July (well above the forecast of around 10,000).

Other than that news there is only CAD retail sales and CPI figures due tonight, which will have nearly no impact on the Aussies current direction.

DATA RELEASES TODAY:

CAD – CPI and Retail Sales at 10.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7676

AUD/GBP – 0.5831

AUD/EUR – 0.6764

AUD/NZD – 1.0539

AUD/JPY – 76.823

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

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