Compass Global Markets' Blog

Market Update - 31st August 2016 - Aussie Continues To Slip On U.S Fed Rate Expectations

Posted by Patrick Downes on August 31, 2016 at 8:37 AM

It's officially the first day of Spring tomorrow and what a Winter its been. The Aussie dollar? Well AUD/USD pretty much rallied from day 1 of Winter right through reaching a high around 0.7760, but has in the last few days run out of steam thanks to hawkish comments from Fed Chairwomen Yellen and falling iron ore prices.

Building approvals data released yesterday showed apartment dwellings continue to outpace house approvals by whopping margins with no end in sight, in fact interestingly new house approvals have barely moved in 30 years, while conversely the chart for new apartment approvals look like a boomerang pointed towards the sky.

No local data is due out today, but we do have preliminary U.S jobs data in ADP non-farm employment. Expectations are for a similar number to last month, so will again be closely watched considering recent comments from Yellen re: interest rates.

DATA RELEASES TODAY:

USD – ADP Non-Farm Employment at 10.15pm

AUD EXCHANGE RATES:

AUD/USD – 0.7511

AUD/GBP – 0.5743

AUD/EUR – 0.6741

AUD/NZD – 1.0397

AUD/JPY – 77.340

***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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