Compass Global Markets' Blog

Market Update - 22nd July 2016 - Aussie Boosted By Another Surge In Iron Ore Prices

Posted by Patrick Downes on July 22, 2016 at 9:23 AM

The Aussie dollar rallied overnight thanks to another solid jump in iron ore prices. The key ingredient in steel rallied nearly 3% on the futures market while the cost per tonne pushed up to US$56.10 from US$55.10 yesterday. European equities were mostly flat, while U.S markets succumbed to a bit of profit taking with indices down around 0.3-0.4%.

In Europe the ECB left rates on hold again at 0.00% and confirmed no changes to current policy. The result was mild fluctuations in AUD/EUR during the announcement and accompanying press conference but little overall change to the position of AUD/EUR.

Further U.K data is out this evening in manufacturing and services PMI. Have a great weekend!

DATA RELEASES TODAY:

GBP – Manufacturing and Services PMI at 6.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7497

AUD/GBP – 0.5667

AUD/EUR – 0.6798

AUD/NZD – 1.0697

AUD/JPY – 79.351

***Above rates are indiciative wholesale rates and intended as a quide only***

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

Open Account 

Patrick Downes

Senior Corporate FX Dealer

 Compass Markets

Contact Patrick for a quote on 0431 278 632

CompassFB-1

 

Compass Global Markets' Blog

Subscribe to Email Updates

Recent Posts