Compass Global Markets' Blog

Market Update - 23rd January 2017 - Markets Cautiously Optimistic Following Trump Inauguration

Posted by Patrick Downes on January 23, 2017 at 8:34 AM

Apologies about no reports this week, I've been battling with a nasty cold and lost phone which has really put me behind the 8-

Markets reacted cautiously optimistic towards the Trump inauguration and accompanying speech with U.S equities managing to add around 0.3-0.5%, while European equities finished up a similar amount. The U.S dollar index however didn't respond as well falling for the most part during the POTUS inauguration (make of that what you will).

The Aussie dollar is looking very healthy again this morning, managing to hold above 0.7500 vs. the USD and above 0.7000 vs. the Great British Pound. Additionally local equity markets look like they'll start the first business day of Trumps presidency in positive territory with futures markets pricing in a 0.3% gain today for the ASX200.

A very quiet week for economic data kicks off with absolutely no economic news or announcements, but all eyes will be on the ABS Wednesday morning with the release of the latest batch of quarterly CPI figures. Economists have tipped a similar number to the previous quarter in 0.7% but again we'll have to see how this plays out. The RBA probably won't have to adjust interest rates this year, but a bumper figure could see them bring forward this thinking.

DATA RELEASES TODAY:

No data today

AUD EXCHANGE RATES:

AUD/USD – 0.7504

AUD/GBP – 0.6101

AUD/EUR – 0.7011

AUD/NZD – 1.0517

AUD/JPY – 86.318

***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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