Market Update – 12th September 2016 – Pessimism Sees Commodities, Stocks and Aussie Head Lower

The Aussie dollar has continued to yo-yo between 0.7700 and 0.7500 with the latest big move happening on Friday night. AUD/USD got hammered lower by around 2% while GBP and EURO also gained against our local currency. Despite the absence of economic data markets were extremely volatile with not only currencies moving but also stocks and commodities. The Bloomberg Commodity Index fell around 1.3% while European and U.S stocks fell between 1-2.5%. Overall it was a pretty pessimistic session to end the week and it doesn’t bode well for local equities which are poised to lose around 2% today.

Data releases this week include local employment figures on Thursday followed by U.S retail sales and CPI on Thursday and Friday evening. Have a great week.

DATA RELEASES TODAY:

No economic data released today

AUD EXCHANGE RATES:

AUD/USD – 0.7538

AUD/GBP – 0.5681

AUD/EUR – 0.6707

AUD/NZD – 1.0288

AUD/JPY – 77.192

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

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