Not surprisingly equities took a big stumble yesterday falling by nearly 1% locally while U.S stocks were down by as much as 0.83% at close of trade. The tech heavy Nasdaq was the worst performer followed by the Dow Jones which fell back below the key 20,000 level.
AUD and it’s various crosses remain in pretty good shape as the U.S dollar and other currencies treads water. AUD/USD actually hasn’t done a great deal since the 12th of January, which followed a nearly two week surge higher where we saw the currency pair rally from 0.7160 on Jan 3 to just on 0.7500.
Another quiet day ahead for markets, with only Bank of Japan monetary policy stuff on the agenda where they’re unlikely to move rates from -0.1%. U.S consumer confidence figures are due at 2.00am and this is where it gets interesting. CB Consumer confidence had rallied in the wake of the Trump presidency but it’ll be interesting to see if this honeymoon is over.
DATA RELEASES TODAY:
JPY – BOJ Monetary Policy
EUR – ECB President Draghi Speaks at 7.00pm
USD – CB Consumer Confidence at 2.00am
AUD EXCHANGE RATES:
AUD/USD – 0.7513
AUD/GBP – 0.6019
AUD/EUR – 0.7019
AUD/NZD – 1.0365
AUD/JPY – 85.914
***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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