Apologies about no reports this week, I've been battling with a nasty cold and lost phone which has really put me behind the 8-ball this week.
Equity markets and the US Dollar continue to remain out of favour as we get closer and closer to Saturday morning's inauguration. Global equities fell by as much as half a percent while the Greenback continued a decline which began early January. The good news for importers however is that the Aussie dollar just continues to push higher despite even poor local employment data yesterday which saw the unemployment rate unexpectedly climb to 5.8% (clearly not a positive for the local economy).
Chinese GDP data is due out today followed by UK retail sales and of course the much anticipated (for all the wrong reasons) Trump inauguration, which will take place early Saturday morning for those of you interested. There's expected to be some pretty serious fireworks both on the ground and on markets with his supporters likely to clash against those protesting against his inauguration. Additionally markets will likely start to move quite dramatically once he starts speaking.
DATA RELEASES TODAY:
CNY - GDP Numbers at 1.00pm
GBP - Retail Sales at 8.30pm
USD - Preisdent Elect Trump Inauguration (early Sat morning)
AUD EXCHANGE RATES:
AUD/USD – 0.7531
AUD/GBP – 0.6103
AUD/EUR – 0.7065
AUD/NZD – 1.0518
AUD/JPY – 86.829
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632