Market Update – 3rd March 2017 – Aussie Finally Succumbs To Selling Pressure & A Resurgent USD

The Aussie dollar has finally succumbed to selling pressure with our local currency down over a percent across the board. AUD/USD fell the most losing as much as 1.5% thanks to comments from Trump re: infrastructure and the latest unemployment claims number which hit its lowest point in 10 years – proving the Obama legacy lives on. AUD/USD did stage a brief rally early this morning but remains about 1.4% lower than this time yesterday. AUD/EUR and AUD/GBP also fell around 1% as positive economic and employment data out of Europe and the U.K helped to boost their local currencies.

Very little economic data is due out today, but U.S Federal Reserve Chairwomen Janet Yellen will speak about the U.S economy around 5am tomorrow morning. Market participants will be looking for any indications as to whether or not the Fed is likely to raise rates as soon as their next meeting (this March).

DATA RELEASES TODAY:

GBP – Services PMI at 8.30pm

USD – ISM Non-Manufacturing PMI at 2.00am

USD – Fed Chair Yellen Speaks at 5.00am (tomorrow morning)

AUD EXCHANGE RATES:

AUD/USD – 0.7531

AUD/GBP – 0.6132

AUD/EUR – 0.7165

AUD/NZD – 1.0682

AUD/JPY – 86.201

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

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick – 0431 278 632 

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