Compass Global Markets' Blog

Market Update - 2nd February 2017 - US Fed Leave Rates Unchanged But Reiterate U.S Economy On Track

Posted by Patrick Downes on February 2, 2017 at 8:49 AM

The latest from the U.S Federal Reserve suggests further rate hikes remain likely in 2017 despite no change overnight and as the economy continues its long winded recovery. Inflation has continued to increase over the past 6 months, however it is still below their target of 2%. Overall the rhetoric from the Federal Reserve was positive and in conjunction with another lift in ADP jobs growth overnight helped push the US Dollar and U.S equities marginally higher.

The AUD remains in the 0.75's vs. the USD, 70's vs. the EUR and 59's vs. the GBP with no local data due out today or tomorrow. The Bank of England decides on interest rates tonight with forecasts suggesting no change to interest rates from 0.25%.

DATA RELEASES TODAY:

GBP – Construction PMI at 8.30pm

GBP - Bank of England Interest Rate Decision at 11.00pm

AUD EXCHANGE RATES:

AUD/USD – 0.7541

AUD/GBP – 0.5948

AUD/EUR – 0.7002

AUD/NZD – 1.0417

AUD/JPY – 85.858

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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