Compass Global Markets' Blog

Market Update - 27th February 2018 - Equities & Commodities Post Further Gains, AUD Stable Ahead Of Maiden Powell Testimony

Posted by Patrick Downes on February 27, 2018 at 8:36 AM

Markets continue to recover lost ground leading up to the maiden congressional testimony of incoming Federal Reserve Chairman Jerome Powell. Many believe Powell will provide the markets with some comfort by announcing he'll be comfortable with higher inflation for longer before raising U.S interest rates. U.S equities led by the DOW piled on gains in excess of 1% and have now recovered almost all of the losses during the flash crash earlier this month. Jerome Powell is set to testify to the U.S congress early tomorrow morning and we can expect some increased volatility in forex and equity markets leading up to and during the testimony.

The AUD is reasonably stable thanks to rising commodities prices and iron ore continues to hold in the high US$70's a tonne.

AUD EXCHANGE RATES:

AUD/USD – 0.7853

AUD/GBP – 0.5621

AUD/EUR – 0.6375

AUD/NZD – 1.0732

AUD/JPY – 83.970

USD/BTC – $10,333

COMMODITIES: 

Gold – A$1698/oz

Silver –  A$21.21/oz

WTI – US$63.95/barrel

DATA RELEASES TODAY:

USD - Core Durable Goods Orders at 12.30am

USD - Fed Chair Powell Testifies at 12.30am

***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: Market, Report

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