Market Update – 23rd August 2016 – AUD/GBP Retraces Lower, Just Holding On To 0.5800

The only notable mover overnight was AUD/GBP which retraced lower following weeks of negative sentiment surrounding the GBP and Brexit vote. AUD/GBP has now paired gains by about 3% from just below 0.6000 to where we are this morning just holding on to 0.5800.

AUD/USD and AUD/EUR remain around levels seen yesterday and the trend looks set to continue in the absence of any economic news or data today or this week. Stocks were mostly flat or fell overnight while commodity prices fell again excluding iron ore, which has continued a spectacular rebound from prices around US$40 a tonne to where we are this morning just on US$61 a tonne.

DATA RELEASES TODAY:

JPY – BOJ Gov. Kuroda Speaks at 2.00pm

AUD EXCHANGE RATES:

AUD/USD – 0.7629

AUD/GBP – 0.5808

AUD/EUR – 0.6739

AUD/NZD – 1.0483

AUD/JPY – 76.543

***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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