Compass Global Markets' Blog

Market Update - 24th May 2017 - EUR & GBP Fall Following Attack In Manchester

Posted by Patrick Downes on May 24, 2017 at 8:24 AM

AUD/GBP and AUD/EUR are both higher by around half a percent overnight following the Manchester attacks yesterday, while AUD/USD has tread water for the best part of 24 hours. 0.7500 remains a key level of resistance for AUD/USD with the currency pair failing again overnight to push through and hold above this level.  It has of course been higher than 0.7500 in the past but with the long term average for AUD/USD at around 0.7500 and it also being a psychological level for traders it usually takes a pretty decent economic announcement or global macro event to push it through these 'key' levels - both of which we didn't have overnight.

It's quiet again today in terms of economic data, however a speech from ECB President Draghi and FOMC Meeting minutes tonight should provide some further economic impetus for movements through tonight, if you'd like to place a market order to take advantage of volatility overnight please do send me an email or give me a call to discuss further.

DATA RELEASES TODAY:

EUR – ECB President Draghi Speaks at 10.45pm

USD - FOMC Meeting Minutes - 4.00am (tomorrow morning)

AUD EXCHANGE RATES:

AUD/USD – 0.7447

AUD/GBP – 0.5737

AUD/EUR – 0.6653

AUD/NZD – 1.0609

AUD/JPY – 83.306

***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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