Compass Global Markets' Blog

Market Update - 11th December 2017 - AUD/USD Perhaps Headed Towards 0.7400 This Week

Posted by Patrick Downes on December 11, 2017 at 9:00 AM

We set up our Xmas tree yesterday, a little late perhaps but better than next week. At $60 a tree I think it's quite a bargain to have the real thing and the authentic Xmas tree smell.

The Aussie is off around 100 points since Thursday and looking seemingly quite weak amid positive U.S employment numbers and an avalanche of news which suggests rates in the U.S will rise this month and then as many as 2-4 times in 2018. Probably the only thing keeping the Aussie dollar high right now is iron ore prices which remain around $70 a tonne. If rates in the U.S do rise as many as 4 times next year we could be in for a wild ride vs. the Greenback and without making any bold predictions it'd probably be wise to brace for something around the 0.60's next year, hedging would be the best strategy going forward however give me a call on 0431 278 632 if you'd like to discuss strategy - something I've become quite good at over 10 years.

No economic data is out today, however the ASX is looking like it have a good start to the week with futures markets predicting a 0.3% rise in the ASX 200. Have a great day.

AUD EXCHANGE RATES:

AUD/USD – 0.7506

AUD/GBP – 0.5606

AUD/EUR – 0.6378

AUD/NZD – 1.0967

AUD/JPY – 85.225

COMMODITIES: 

Gold – A$1662/oz

Silver –  A$21.10/oz

WTI – US$57.35/barrel

DATA RELEASES TODAY:

No economic data today

***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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