Stocks and commodities continued a resurgence overnight with European and U.S equities piling on gains while the Aussie dollar held onto gains made Friday night. Iron ore and Brent crude led commodity markets higher as iron ore pushed back above US$50 a tonne – a key level in terms of profitability for many iron ore producers.
The RBA have their monthly cash rate meeting this afternoon at 2.30pm with the most likely outcome (63%) being no change in interest rates from 1.75%. As is usually the case when no rate change is expected, the accompanying RBA rate statement becomes more important and market participants will certainly trawl the pages for an idea of when any future cuts are likely to take place.
DATA RELEASES TODAY:
AUD – RBA Cash Rate Decision at 2.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7366
AUD/GBP – 0.5097
AUD/EUR – 0.6485
AUD/NZD – 1.0642
AUD/JPY – 79.201
***Above rates are indiciative wholesale rates and intended as a quide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632
