Compass Global Markets' Blog

Market Update - 1st September 2017 - Aussie Dollar Climbs With Equities & Commodities

Posted by Patrick Downes on September 1, 2017 at 8:30 AM

Global equities, commodities and the Aussie dollar all pushed higher overnight as tensions between North Korea and the rest of the world eased and better than expected U.S economic data boosted appetite for riskier investments. The Aussie dollar managed to make gains of about half a percent vs. the Greenback and Euro while the best performing stocks were in the tech-heavy NASDAQ which pushed higher to the tune of around 1%.

AUD/USD failed to push below 0.7900, finding support once again and bouncing and the Aussie dollar now looks to ave tapered its trading range further to between 0.7900 and 0.8000 on the top side.

Not much economic data is out today, but we do have a bit tonight in U.K manufacturing PMI and more importantly U.S non-farm payrolls data - i.e. employment numbers. The market is hoping to see a continuation of jobs growth with 180K new jobs created and a steady unemployment rate at 4.3%. But with a strong GDP number out of the U.S on Wednesday night we could well see another USD rally should employment beat estimates.

AUD EXCHANGE RATES:

AUD/USD – 0.7944

AUD/GBP – 0.6141

AUD/EUR – 0.6662

AUD/NZD – 1.1089

AUD/JPY – 87.353

DATA RELEASES TODAY:

GBP - Manufacturing PMI at 6.30pm

USD - Non-Farm Payrolls and Unemployment at 10.30pm

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: Report, Market

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