Compass Global Markets' Blog

Market Update - 22nd March 2017 - Risk Assets Take A Beating As Markets Wait On Trump Infrastructure Plan

Posted by Patrick Downes on March 22, 2017 at 8:32 AM

The Great British Pound was the best performing major currency overnight with the U.K's local currency boosted to the tune of 1-1.5% thanks to a CPI figure which beat estimates by around 0.2%. The latest figure also clocked the fastest pace of CPI growth since October 2013. The booming CPI figures we're seeing out of the U.K are likely a direct result of the 0.25% rate cut and 60B GBP increase in QE we saw last year from the Bank of England immediately following the Brexit win.

The Aussie dollar fell a whopping 1.5% vs. the Pound to be trading back below 0.62, while we're also lower against all of our other major trading partners, including the U.S, Europe and Japan.

No data is released tonight, however a poor showing for U.S equities, commodities and our local currency overnight suggest the ASX could be down by as much as 1% on the open.

DATA RELEASES TODAY:

No data

AUD EXCHANGE RATES:

AUD/USD – 0.7647

AUD/GBP – 0.6119

AUD/EUR – 0.7071

AUD/NZD – 1.0882

AUD/JPY – 85.464

***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 - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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