Compass Global Markets' Blog

Market Update - 28th November 2017 - BTC Heading Towards US$10,000, AUD/USD Holding Onto 0.7600

Posted by Patrick Downes on November 28, 2017 at 10:06 AM

Is Bitcoin the future of international payments? Maybe not.

But how about crypto-currencies in general and the block-chain? Yes, very likely.

Where am I going with this? Well, whilst I do believe there is a future for crypto-currencies and the block-chain in delivering international payments, I'm suggesting caution to those wishing to invest their life savings in BTC at this stage in the market. Why? Because if it looks like a bubble, smells like a bubble and acts like a bubble, it probably is a bubble. And with so much of the trade in BTC speculative people are quite simply not using BTC for anything other than a tool for speculation on future price growth.

Anyway, to the Aussie dollar and we are just clinging onto 0.7600 this morning after a quiet session yesterday and flat results overnight for both commodities and equities. Iron ore futures are holding up however with prices for our major export near three month highs.

No data is released tonight, however a speech from Bank of England Governor Carney could be a market move for the Pound and therefore relevant to those with AUD/GBP exposures.

AUD EXCHANGE RATES:

AUD/USD – 0.7601

AUD/GBP – 0.5706

AUD/EUR – 0.6388

AUD/NZD – 1.0984

AUD/JPY – 84.425

COMMODITIES: 

Gold – A$1702/oz

Silver –  A$22.43/oz

WTI – US$57.83/barrel

DATA RELEASES TODAY:

GBP - BOE Gov. Carney Speaks at 6.30pm

***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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