Compass Global Markets' Blog

Market Update – 19th July 2016 – Iron Ore’s Stellar Run Falters Weighing On Aussie

Posted by Patrick Downes on July 19, 2016 at 10:03 AM

Iron ore fell by around 3-5% overnight (depending where you look) halting the Aussie’s run ahead of the latest RBA monetary policy minutes due this morning. The Aussie dollar is around 0.2-0.3% down across the board while Aussie equity futures appear to have turned negative in what could today be only the second down day since 7th July.

Other than that news and data is pretty limited with not a great deal happening overnight. As mentioned RBA Monetary Policy Minutes are due at 11.30am and while they are simply the notes from the last RBA meeting they do tend to have an impact on the market and more so Aussie dollar as they give a clear insight into the RBAs thought processes and whether rates cuts are something they discussed. The announcement therefore will be watched pretty closely by market participants.

DATA RELEASES TODAY:

AUD – RBA Monetary Policy Minutes at 11.30am

GBP – CPI at 6.30pm

EUR – German ZEW Economic Sentiment at 7.00pm

AUD EXCHANGE RATES:

AUD/USD – 0.7570

AUD/GBP – 0.5706

AUD/EUR – 0.6836

AUD/NZD – 1.0755

AUD/JPY – 80.357

***Above rates are indiciative wholesale rates and intended as a quide only***

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Patrick Downes

Senior Corporate FX Dealer

 Compass Markets

Contact Patrick for a quote on 0431 278 632

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