The latest from the U.S Federal Reserve suggests further rate hikes remain likely in 2017 despite no change overnight and as the economy continues its long winded recovery. Inflation has continued to increase over the past 6 months, however it is still below their target of 2%. Overall the rhetoric from the Federal Reserve was positive and in conjunction with another lift in ADP jobs growth overnight helped push the US Dollar and U.S equities marginally higher.
The AUD remains in the 0.75’s vs. the USD, 70’s vs. the EUR and 59’s vs. the GBP with no local data due out today or tomorrow. The Bank of England decides on interest rates tonight with forecasts suggesting no change to interest rates from 0.25%.
DATA RELEASES TODAY:
GBP – Construction PMI at 8.30pm
GBP – Bank of England Interest Rate Decision at 11.00pm
AUD EXCHANGE RATES:
AUD/USD – 0.7541
AUD/GBP – 0.5948
AUD/EUR – 0.7002
AUD/NZD – 1.0417
AUD/JPY – 85.858
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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