Market Update – 31st January 2018 – Markets Sea of Red This Morning, AUD Lower

A sea of red greets us this morning with markets seemingly in take profit mode as we inch towards the end of a pretty strong January for markets. Wall Street’s Dow Jones led equities lower, losing around 1.4% in frenzied selling which has become somewhat of a rarity in recent times. Overall U.S and European equities finished lower by about 1%, but we also saw profit taking across the commodities sector and in the crypto space with Bitcoin back under pressure as U.S regulators subpoenaed Bitfiniex – one of the largest crypto exchanges – as fears mount their private crypto currency Tether (which is pegged to 1USD) could be a massive ponzi scheme.

In better news yesterday, NAB Business Confidence improved, while a resurgent Japanese retail sector posted its best number in nearly 3 years up 3.6%.

Ahead today is Aussie CPI figures at 11.30am with markets expecting to see around 0.7% inflation for the latest quarter. Around 1.00pm today is Trumpy’s State of The Union address which will no doubt be entertaining as the unlikely President tries to stick to a pre written address. All eyes and ears will be on Trump as he outlines his plans for the U.S whether it be infrastructure spending, immigration matters or something else.

AUD EXCHANGE RATES:

AUD/USD – 0.8079

AUD/GBP – 0.5711

AUD/EUR – 0.6516

AUD/NZD – 1.1021

AUD/JPY – 87.921

USD/BTC – $10,131

COMMODITIES: 

Gold – A$1655/oz

Silver –  A$21.20/oz

WTI – US$64.29/barrel

DATA RELEASES TODAY:

AUD – CPI at 11.30am

USD – State of the Union Address at 1.00pm

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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