Compass Global Markets' Blog

Market Update - 2nd August 2017 - AUD Drifts Lower As RBA Maintain Rates At 1.5%

Posted by Patrick Downes on August 2, 2017 at 6:11 AM

The RBA held rates steady at 1.5% yesterday afternoon and provided few changes to their standard rhetoric as delivered each month. The result was initially a bounce in AUD, but then we slowly drifted lower to levels seen just before the announcement of no change to interest rates.

Commodity prices drifted lower overnight, however global developed market equities surged higher once again. The Dow Jones Industrial Average is now headed towards new all time highs and will likely clear 22,000 by late this week following a surge of money into already ridiculously inflated equity prices in the U.S.

Ahead this evening is UK and U.S economic data with the most importance coming from that ADP preliminary jobs number out of the U.S.

I'm at Mt Baw Baw today, and while I'm not in the office, can still book deals for clients. However please email me as opposed to calling for a rate - it's a lot easier to book deals this way.

AUD EXCHANGE RATES:

AUD/USD – 0.7966

AUD/GBP – 0.6032

AUD/EUR – 0.6750

AUD/NZD – 1.0661

AUD/JPY – 87.902

DATA RELEASES TODAY:

GBP - Construction PMI at 6.30pm

USD - ADP Non-Farm Employment Figures at 10.15pm

***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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