Compass Global Markets' Blog

Market Update - 12th January 2018 - AUD/USD Continues Stellar Rise Through Early Part Of 2018

Posted by Patrick Downes on January 12, 2018 at 8:24 AM

Much better than anticipated retail sales figures released yesterday morning put a rocket under the Aussie dollar helping it to arrest losses and finish the day ahead of where we started. Officially the retail sales data came in at 1.2% for the month of November (retail data is released a month and 10 days or so after the month ends), which was way above the 0.4% consensus forecast by economists who had expected further weakness in the retail sales sector of our economy. The strong number bodes well for a potentially great December figure, particularly given the likes of MYER et al. would have benefited from an extra weekend of trading with Christmas day falling on a Monday. AUD/USD is edging towards 0.7900, while AUD/GBP has made solid gains and is now back above 0.5820 on the wholesale inter-bank market. The only drawback is AUD/JPY which has fallen nearly 2% since Monday.

Ahead this evening is US retail sales and CPI numbers so we could expect to see some volatility as we see numbers for the just finished Christmas shopping period in the U.S. Forecasts are for 0.3% growth in the core retail sales numbers and core CPI at 0.2%.

AUD EXCHANGE RATES:

AUD/USD – 0.7890

AUD/GBP – 0.5827

AUD/EUR – 0.6557

AUD/NZD – 1.0876

AUD/JPY – 87.779

COMMODITIES: 

Gold – A$1675/oz

Silver –  A$21.52/oz

WTI – US$63.49/barrel

DATA RELEASES TODAY:

USD - CPI and Retail Sales at 12.30am

***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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