The Aussie dollar rallied overnight thanks to another solid jump in iron ore prices. The key ingredient in steel rallied nearly 3% on the futures market while the cost per tonne pushed up to US$56.10 from US$55.10 yesterday. European equities were mostly flat, while U.S markets succumbed to a bit of profit taking with indices down around 0.3-0.4%.
In Europe the ECB left rates on hold again at 0.00% and confirmed no changes to current policy. The result was mild fluctuations in AUD/EUR during the announcement and accompanying press conference but little overall change to the position of AUD/EUR.
Further U.K data is out this evening in manufacturing and services PMI. Have a great weekend!
DATA RELEASES TODAY:
GBP – Manufacturing and Services PMI at 6.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7497
AUD/GBP – 0.5667
AUD/EUR – 0.6798
AUD/NZD – 1.0697
AUD/JPY – 79.351
***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
