Compass Global Markets' Blog

Market Update - 22nd May 2017 - Commodity Prices Roar Back To Life Supporting AUD

Posted by Patrick Downes on May 22, 2017 at 9:06 AM

Commodity prices bounced back Friday and into the close of trading Saturday morning, helping to support the Aussie dollar. The best performers were the base metals with iron ore up a whopping 3.5%, while Nickel was up 3% and copper 2%. Energy prices on the whole and the precious metals also finished ahead.

The Aussie dollar (not surprisingly after such a strong boost to commodities prices) also performed quite well with AUD/USD managing to push back above 0.7400 on the wholesale market.

We have no tier 1 economic data released today, however Eurogroup meetings are held in Brussels this evening. Eurogroup meetings are held monthly and usually see a group of European finance head honchos chin wagging about the Euro area. However pending any major reforms, this meeting is unlikely to have any effect on AUD/EUR or AUD/GBP.

DATA RELEASES TODAY:

EUR - Eurogroup meetings

AUD EXCHANGE RATES:

AUD/USD – 0.7423

AUD/GBP – 0.5694

AUD/EUR – 0.6620

AUD/NZD – 1.0716

AUD/JPY – 82.625

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

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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