Market Update – 1st June 2016 – First Day Of Winter, GDP Figures Due At 11.30am

  

Its the first day of Winter and it certainly feels like it, at least down here in Melbourne!

U.S consumer confidence took a hit overnight falling to its lowest point in three months and failing to meet market estimates. The poor reading along with a fall in U.S equities helped the Aussie dollar to regain a little ground against the Greenback managing to trade back above 0.7200.

Elsewhere we saw flat markets across Europe and further declines across commodities including Australia’s favourite – iron ore.

Ahead today is local GDP figures along with two sets of Chinese manufacturing data; it goes without saying that today should see a fair bit more volatility for the Aussie dollar than what we’ve seen for the past 3 or 4 sessions. GDP is expected to come in at 0.6% which would be no change to last quarters reading.

DATA RELEASES TODAY:

CNY – Manufacturing PMI at 11.00am

AUD – GDP q/q at 11.30am

CNY – Caixin Manufacturing PMI at 11.45am

GBP & USD – Manufacturing PMI overnight

AUD EXCHANGE RATES:

AUD/USD – 0.7229

AUD/GBP – 0.4990

AUD/EUR – 0.6495

AUD/NZD – 1.0681

AUD/JPY – 80.028

The above rates are a guide only, and change constantly.

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

Contact Patrick for a quote on 0431 278 632 or 03 9099 8459

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