Compass Global Markets' Blog

Market Update - 23rd October 2017 - U.S Equities Post Further Gains As We Remember The 30 Year Anniversary Of The 87' Crash

Posted by Patrick Downes on October 23, 2017 at 9:15 AM

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A Yellen speech over the weekend in which the Fed Chair reiterated the continuation of rate normalization and reduction in their balance sheet was enough to push the U.S dollar higher over the weekend and see AUD/USD trace back towards the 0.78 figure. We also saw U.S equities post further strong gains Friday night with the DOW the best performer up 0.8% and the chart now almost appearing vertical. U.S equities are up around 30% in the past 12 months, and up nearly 360% since March 2009. Is it a bubble? It sure is, but there's also no catalyst in sight to see an end to the bull market. Having said that, with the 30 year anniversary of the 87' crash last week, it certainly suggests those long U.S equities should tread carefully.

No data is out today and we have a New Zealand bank holiday meaning no Kiwi payments will be sent out.

AUD EXCHANGE RATES:

AUD/USD – 0.7812

AUD/GBP – 0.5922

AUD/EUR – 0.6637

AUD/NZD – 1.1244

AUD/JPY – 88.940

COMMODITIES: 

Gold – A$1638/oz

Silver –  A$21.81/oz

WTI – US$52.05/barrel

DATA RELEASES TODAY:

NZD - Bank Holiday in New Zealand

***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: Report, Market

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