Compass Global Markets' Blog

Market Update - 2nd March 2018 - Markets Sent Into A Tail Spin As Trump Talks Tariffs & Trade Wars

Posted by Patrick Downes on March 2, 2018 at 8:32 AM

Donald Trump rattled markets overnight sending the AUD and commodities lower and equities into a tailspin which erased about 1-1.5% from U.S and European indices. His latest hair brained plan is to impose huge tariffs on steel and aluminium coming into the U.S in a short term bid to boost business confidence (and votes) in the U.S steel and aluminium industries, however the tariffs if imposed are almost certain to trigger a trade war with Europe, China and Canada, the biggest supplier of steel into the U.S. 

Equities look set to open lower again today here in Aus while AUD/EUR has fallen about 40 or so points since yesterday. AUD/EUR is heading towards a critical level around 0.6300 and if this doesnt hold we could well be seeing AUD/EUR test previous lows around 0.6200.


AUD/USD – 0.7757

AUD/GBP – 0.5628

AUD/EUR – 0.6325

AUD/NZD – 1.0695

AUD/JPY – 82.435

USD/BTC – $10,973


Gold – A$1697/oz

Silver –  A$21.26/oz

WTI – US$61.24/barrel


GBP - Prime Minister May Speaks

GBP - Construction PMI at 8.30pm

***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 

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Topics: Report, Market

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