Compass Global Markets' Blog

Market Update – 20th October 2016 – AUD/EUR Busts Through 0.7000, AUD/USD Grinds Past 0.7700

Posted by Patrick Downes on October 20, 2016 at 9:33 AM

The Aussie dollar has surged past 0.7700 overnight, providing importers yet another opportunity to hedge their upcoming exposures at levels seen only on two or three occasions in the past six months. For importers wishing to purchase EUR and GBP the deal gets even sweeter with both AUD/EUR and AUD/GBP reaching fresh highs overnight at 0.7030 and 0.6280 respectively.

US and European equities along with commodities also performed quite well thanks to improving growth/inflation numbers in China and to a lesser degree in the U.S and U.K. Gold not surprisingly has back tracked.

DATA RELEASES TODAY:

AUD – Employment Figures at 11.30am

GBP – Retail Sales at 7.30pm

EUR – Interest Rate Decision at 10.45pm

USD – Philly Fed Manufacturing Index at 11.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7703

AUD/GBP – 0.6258

AUD/EUR – 0.7013

AUD/NZD – 1.0655

AUD/JPY – 79.60

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick - +61 03 9099 8459

  Email Patrick: patrick@compassmarkets.com

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