Compass Global Markets' Blog

Market Update - 18th October 2017 - U.S Dow Hits 23,000...Wow...

Posted by Patrick Downes on October 18, 2017 at 8:38 AM

Quick Message: Compass Markets was founded in 2010 and today has offices around Australia and a growing presence across South East Asia.

U.S stocks have continued to push higher overnight with the benchmark Dow Jones Industrial hitting fresh highs above 23,000 extending further an 8 year bull market which began following the GFC. Typically we see cycles of boom and bust on average every 7 years, however that has just not been the case with U.S equities thanks to the enormous money printing and quantitative easing that the U.S Federal Reserve embarked on following the biggest recession since the great depression.  Depending on who you speak with a bursting of the equity bubble is either just around the corner, or never happening...all I can suggest is tread cautiously if you're long U.S equities.

The Aussie dollar is still lingering in the 0.78's while, AUD/EUR and AUD/GBP remain in the 0.59's and 0.66's respectively. With no serious market moving economic data out over the next 24 hours, expect little change from these levels.

AUD EXCHANGE RATES:

AUD/USD – 0.7844

AUD/GBP – 0.5947

AUD/EUR – 0.6665

AUD/NZD – 1.0936

AUD/JPY – 88.002

COMMODITIES: 

Gold – A$1638/oz

Silver –  A$21.71/oz

WTI – US$52.15/barrel

DATA RELEASES TODAY:

GBP - Average Earnings Index at 7.30pm

USD - Building Permits at 11.30pm

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

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

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Patrick's Signature-802090-edited.jpg

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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