Compass Global Markets' Blog

Market Update - 24th October 2017 - Markets Subdued Overnight, Commodities Still Looking Solid

Posted by Patrick Downes on October 24, 2017 at 8:26 AM

Quick Message: The banks typically charge their customers 4-7% for their FX payments. Meaning a A$10,000 payment typically costs between 400-700AUD each and every time.

Really not a great deal of news to write home about. Markets appear pretty subdued with U.S equities succumbing to some profit taking, while European equities finished slightly ahead. Commodities remain in a bullish upward trend particularly the base metals which have made solid gains since Jan 2016. The picks for me right now if you're interested in investing in commodities is Lithium, Zinc and Copper. All used in hybrid/electric vehicles to some extent. If you want to talk about investing in commodities more than happy to chat about this as an aside to your Forex business you have with us. I'm watching this stuff all day every day.

We have a little Aussie data out today with the CB Leading Index which is a composite or aggregate of a whole bunch of economic indicators. Given most of the data is released ahead of the CB Leading Index it tends to have less of an effect on the Aussie dollar, but is still certainly critical to observe as it paints a reasonably accurate picture of the Australian economy. Today we're expecting to see the index hit 0.1%, which from what I see in the broader economy probably hits the nail on the head - the Australian economy is sluggish.

AUD EXCHANGE RATES:

AUD/USD – 0.7807

AUD/GBP – 0.5914

AUD/EUR – 0.6644

AUD/NZD – 1.1201

AUD/JPY – 88.552

COMMODITIES: 

Gold – A$1642/oz

Silver –  A$21.90/oz

WTI – US$51.87/barrel

DATA RELEASES TODAY:

AUD - CB Leading Index at 1.30am

***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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