Compass Global Markets' Blog

Market Update - 30th January 2017 - Year Of The Rooster & Trump Turmoil To Start The Week

Posted by Patrick Downes on January 30, 2017 at 9:15 AM

Despite the weekends events, the Aussie dollar and equities remain around the same levels as late last week, and to me this is quite astonishing considering Donald Trump over the weekend effectively guaranteed a trade war with Mexico in addition to one pending with China and perhaps even also with a large number of middle eastern and African countries in which he has slapped what is effectively a Muslim ban on entry into the U.S. He's also managed to anger millions upon millions of Americans which can never been a good thing.

While I desperately want to and have tried to be positive about Donald Trump I just cannot see a positive outcome for markets or the Aussie dollar in light of his first week in office. Markets like stability, predictability and calm and Donald Trump unfortunately is the antithesis of stability, predictability and calm.

On a lighter note, its Chinese New Year, so happy Year of the Rooster and I wish you all the very best for your businesses in 2017. Having said that, for those of you dealing with Chinese suppliers you'll probably find they're unresponsive this week with a national holiday taking place for most of this week. I believe they return to work Friday or perhaps Monday week. No data is due out today.

DATA RELEASES TODAY:

No data

AUD EXCHANGE RATES:

AUD/USD – 0.7517

AUD/GBP – 0.5976

AUD/EUR – 0.7010

AUD/NZD – 1.021

AUD/JPY – 86.800

***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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