Market Update – 31st May 2016 – Aussie Treads Water Ahead Of Building Approvals At 11.30am

  

It was Memorial Day in the U.S and Spring Break holiday in the U.K overnight, as such we saw pretty thin trade & liquidity over the past 12 or so hours with two of the largest market participants out of the market. As a result the Aussie dollar is barely changed against the majors and therefore hovering around similar levels to what we saw yesterday morning.

There’s a bit more action to come today with local Building Approvals data due at 11.30am followed by U.S Consumer Confidence at midnight AEST. Expectations are that we’ll see a 3.1% decline in Building Approvals but this particular data set is extremely hard to predict also very volatile and therefore could just as easily come out at +3.1%.

U.S Consumer confidence has been on the rise since the GFC and topped 103 back in September 2015, since then its been coming off slightly but is tipped to improve slightly above last months figure to 96.1.

DATA RELEASES TODAY:

AUD – Building Approvals at 11.30am

USD – CB Consumer Confidence at midnight (AEST)

AUD EXCHANGE RATES:

AUD/USD – 0.7188

AUD/GBP – 0.4912

AUD/EUR – 0.6450

AUD/NZD – 1.0729

AUD/JPY – 79.775

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

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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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