Compass Global Markets' Blog

Market Update - 11th January 2017 - Poor Local CPI Does Little To Fade Aussies Shine

Posted by Patrick Downes on January 11, 2017 at 8:26 AM

Poorer than anticipated Chinese CPI & local retails sales did little to ruin the AUD party with the Aussie barely faltering despite the less than enthusiastic data. In fact the AUD gained ground thanks to higher commodity prices and as the inauguration of President-elect Donald Trump nears. Trump will become the 45th U.S President on the 20th of January and is being touted as an infrastructure President who will boost infrastructure spending which in turn is tipped to aid the Australian economy and more specifically Aussie mining companies - hence the AUD rally. However as with anything we cannot predict the future and only time will tell whether Trump can/or even will follow through on his infrastructure promises. But certainly he has some big name hedge managers like Stan Druckenmiller and Carl Icahn who are 'quite, quite optimistic' about a Donald Trump presidency.

UK manufacturing production is due this evening but other than that its another thin day of economic announcements.

DATA RELEASES TODAY:

GBP - Manufacturing Production at 8.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7347

AUD/GBP – 0.6032

AUD/EUR – 0.6957

AUD/NZD – 1.0541

AUD/JPY – 85.268

***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 - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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