Equities and commodities led by metals and U.S stocks surged higher overnight following the latest Trump speech with the dictator (sorry President) committing to spend about US$1 trillion on investment projects while also boosting spending on defense; and it looks like the Senate and House are open to the idea of a US$1 trillion spend on infrastructure. Not surprisingly local equities are looking set to open higher and the Aussie dollar remains deadlocked in the mid 0.76’s range vs. the Greenback. The U.S Dollar index, an average of the USD vs its peers also reached its highest level in nearly two months following the speech.
Aussie GDP also came in strong yesterday at 1.1 for the quarter. Ahead this evening is only UK construction figures.
DATA RELEASES TODAY:
GBP – Construction PMI at 8.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7640
AUD/GBP – 0.6210
AUD/EUR – 0.7241
AUD/NZD – 1.0703
AUD/JPY – 87.341
***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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