Compass Global Markets' Blog

Market Update - 2nd November 2016 - Aussie Back Above 0.7600 Vs. The Greenback

Posted by Patrick Downes on November 2, 2016 at 9:23 AM

I hope everyone enjoyed their respective weekends/long weekend and of course backed a few winners at Flemington yesterday.

The Aussie dollar has continued to be quite buoyant vs. the majors including the Greenback despite continued strong economic numebrs out of the U.S that suggest a rate hike is close to a certainty in December following Presidential elections. AUD/USD has continued to seasaw between 0.7300-0.7650 and surprise this morning is still in this range.

Aussie economic data has also been improving thanks to a bit of a bounce in commoditiy prices and also inflation figures. More Aussie data is due today in building approvals while tonight we'll see preliminary ADP non-farm employment figures (pre-cursor to Friday night official Non-Farm employment figure) followed by an expected non-decision from the U.S Federal Reserve on interest rates. As mentioned above most think the much anticipated second rate hike will take place in December exactly one year after the first.


AUD - Building Approvals at 11.30am

GBP - Construction PMI at 8.30pm

USD - Prelim ADP Non-Farm Employment at 11.15pm

USD - FOMC Funds Rate at 5.00am


AUD/USD – 0.7636

AUD/GBP – 0.6231

AUD/EUR – 0.6902

AUD/NZD – 1.0600

AUD/JPY – 79.43

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

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