Compass Global Markets' Blog

Market Update - 10th July 2017 - AUD Makes Gains Thanks To Stronger Commodities and Equities Prices

Posted by Patrick Downes on July 10, 2017 at 8:29 AM

Lots of snow is expected in the Alps this week, so for those of you with a penchant for Skiing or Snowboarding this weekend is looking like it'll be a cracking one to head up. To the Aussie dollar and we are broadly higher this morning thanks in part to stronger commodity & equity prices but also stronger than anticipated jobs numbers out of both Canada and more importantly the U.S. The U.S managed to beat estimates coming in around 222K new jobs vs. the 175K expected while Canada - a similar mining based economy to Australia - managed to add 45K new jobs instead of consensus estimates of around 11K.

G20 meetings we're also held over the weekend but overall very little appears to have been achieved and so it'll be back to business as usual this week for all the G20 leaders who attended. Chinese economic data in consumer and producer prices are due out around 11.30am and while neither are really top tier ground breaking economic releases it still pays to keep an eye on inflation/growth figures out of China, given their strong desire to buy our industrial commodities such as iron ore, copper and Zinc.

DATA RELEASES TODAY:

CNY - CPI (consumer prices) % PPI (producer prices) due at 11.30am

AUD EXCHANGE RATES:

AUD/USD – 0.7597

AUD/GBP – 0.5894

AUD/EUR – 0.6663

AUD/NZD – 1.0441

AUD/JPY – 86.603

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

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Report, Market

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