Compass Global Markets' Blog

Market Update - 22nd August 2016 - Iron Ore Keeps Bucking The Trend Supporting AUD Above 0.7600

Posted by Patrick Downes on August 22, 2016 at 9:06 AM

The Aussie dollar lost ground again Friday extending losses against the Greenback to about two percent since reaching highs above 0.7750 on the 10th of July. The falls coincide with falls across European and U.S equities along with commodities which have been coming off the boil the last few sessions. Iron ore however continues to buck the trend rallying back above US$61 a tonne and defying all dire estimates for the local super commodity.

With very little local and international economic data out today or this week the Aussie will likely tread water within a range of 0.7600-0.7700 barring any dramatic news or unforeseen economic event. As importers I'd suggest keeping an eye out for buying opportunities if the AUD/USD tracks back towards 0.7750.

DATA RELEASES TODAY:

No news or data

AUD EXCHANGE RATES:

AUD/USD – 0.7622

AUD/GBP – 0.5832

AUD/EUR – 0.6735

AUD/NZD – 1.0496

AUD/JPY – 76.539

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Call Patrick: +61390998459 or +61431278632  Email Patrick: patrick@compassmarkets.com

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