Compass Global Markets' Blog

Market Update - 30th August 2016 - AUD/USD Falls On Hawkish Federal Reserve Comments

Posted by Patrick Downes on August 30, 2016 at 9:19 AM

The Aussie dollar fell quite dramatically Friday night losing as much as 150 points or 2% vs. the Greenback. The catalyst for the move lower was comments from U.S Federal Reserve Chairwomen Janet Yellen who's hawkish/bullish comments made very clear that interest rates will begin to rise again in the U.S, perhaps as soon as next month. We've also seen local equities come of the boil along with iron ore over the past week or so - needless to say with a decent amount of my own super in stocks I'll be watching this closely.

Ahead today is local building approvals with economists tipping no growth at all in the number of building approvals. Later in the week is U.S consumer confidence followed by non-farm employment figures on Friday night. For the Aussie we'll see the latest batch of retail sales and private capital expenditure on Thursday.

DATA RELEASES TODAY:

AUD - Building Approvals at 11.30am

USD - CB Consumer Confidence at midnight

AUD EXCHANGE RATES:

AUD/USD – 0.7575

AUD/GBP – 0.5778

AUD/EUR – 0.6771

AUD/NZD – 1.0439

AUD/JPY – 77.221

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Call Patrick: +61390998459 or +61431278632  Email Patrick: patrick@compassmarkets.com

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