Market Update – 23rd May 2016 – Iron Ore Edges Higher As G7 Warns Against Brexit

  

G7 meetings were just about all the news from this past weekend and the focus for the 3 day event was ‘Brexit’ and more specifically it’s potential impact on the global economy and fuelling further uncertainty in what are already rocky and uncertain times. Members including Germany warned the U.K against such a move but at the end of the day it really comes down to what voters want and the eventual referendum next month.

Markets including the Aussie don’t appear to have reacted too much to the G7 meetings but U.S and European equities did perform well on Friday evening so we should be in for a decent day for local equities. Commodities have also continued to perform quite well with iron ore again leading the pack up nearly 3%. The recent rally in iron ore prices is certainly making investment banks rethink their forecasts on iron ore prices and if it tells you anything, don’t waste your time listening to forecasts!

No data is out today nor really for the remainder of the week. Very quiet indeed.

DATA RELEASES TODAY:

Nil

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Patrick Downes

Senior Corporate FX Dealer

 

Compass Markets

Contact Patrick for a quote on 0431 278 632 or 03 9099 8459

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