Compass Global Markets' Blog

Market Update - 12th April 2018 - AUD & Commodities Prices Flat, While Gold Moves Higher In Lackluster Trade

Posted by Patrick Downes on April 12, 2018 at 9:10 AM

The Aussie dollar lost a little ground over the past 24 hours as Westpac Consumer Sentiment declined 0.6% and iron ore prices fell marginally. The AUD was lower by around 10 points vs. USD, EUR and GBP but managed to hold ground vs. the Kiwi.

Bitcoin which has lost some of it's shine since last year remains locked below US$7,000 a coin while Gold has piled on gains over the past month and continued to do so overnight. Gold is now edging towards A$1,750 an ounce which if breached would be the highest levels in nearly 2 years and potentially the start of a new bullish cycle for Gold, Silver and the other precious metals which have been out of favor for some time.

The big macro events driving currency markets at the moment continue to be the Trump tariffs and interest rate movements abroad, particularity in the U.S. The U.S looks set to continue to hike rates over the next year with as many as four rate hikes anticipated while locally it would appear the RBA may continue to sit on their hands for the foreseeable future as fears mount that any significant rate hikes at home could send house prices spiraling lower and potentially trigger a crash of sorts in the housing market.

No significant data out today.

AUD EXCHANGE RATES:

AUD/USD – 0.7758

AUD/GBP – 0.5469

AUD/EUR – 0.6271

AUD/NZD – 1.0537

AUD/JPY – 82.881

USD/BTC – $6,891

OTHER MARKETS: 

All Ords (XAO) – 5,925

Gold – A$1743/oz

Silver –  A$21.49/oz

WTI – US$66.71/barrel

DATA RELEASES TODAY:

None 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: Market, Report

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