Market Update – 22nd July 2016 – Aussie Boosted By Another Surge In Iron Ore Prices

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

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