Market Update – 25th October 2016 – Aussie Dollar Holding Above 0.7600…Just…

The Aussie dollar is proving its resilience once again holding onto 0.7600 vs. the Greenback and 0.62 vs. the Pound despite consistent calls from pundits and economists who believe AUD is over valued at current levels. Interesting to note however that the same bunch of people have been also been saying iron ore is over valued and due for correction but the local super commodity continues to perform well with iron ore prices again reaching towards US$60 a tonne.

We have a pretty quiet week ahead in terms of data announcements with nothing out yesterday and very little other than a few central banker speeches due today. Perhaps the most crucial data point this week is released tomorrow in Aussie CPI, with the RBA likely to watch this one very closely. Aussie CPI is expected to grow for a third month with forecasts predicting around half a percent. Later in the week sees further U.S GDP figures.

DATA RELEASES TODAY:

EUR – German IFO Business Climate at 7.00pm

AUD EXCHANGE RATES:

AUD/USD – 0.7601

AUD/GBP – 0.6203

AUD/EUR – 0.6972

AUD/NZD – 1.0644

AUD/JPY – 79.16

***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 – +61 03 9099 8459

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