Compass Global Markets' Blog

Market Update - 1st August 2017 - RBA Meeting At 2.30PM Today, What Will Be The Markets Reaction?

Posted by Patrick Downes on August 1, 2017 at 8:28 AM

Not a great deal happened in markets yesterday or over the weekend with the Aussie still hanging on around the 0.8000 mark. However the latest news out of the housing market isn't great with economic data showing the sharpest decline in new home sales since 2013. The data in conjunction with a raft other local economic indicators & housing metrics certainly don't bode well for the east coast property market.

All eyes will be on the RBA today as they meet for their monthly cash rate meeting and while there is expected to be no change to interest rates from 1.5% it will still be quite interesting to get their take on the Aussie dollar as well as the surprising strength in commodities prices which is driving this strength and taken AUD from the lows 0.7000's to the 0.8000's in a matter of weeks.

AUD EXCHANGE RATES:

AUD/USD – 0.7998

AUD/GBP – 0.6054

AUD/EUR – 0.6756

AUD/NZD – 1.0651

AUD/JPY – 88.183

DATA RELEASES TODAY:

AUD - RBA Rate Statement and Cash Rate at 2.30pm

USD - ISM Manufacturing PMI at midnight

***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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