Compass Global Markets' Blog

Market Update - 30th October 2017 - U.S GDP Growth Strings Together Two Quarters Above 3%

Posted by Patrick Downes on October 30, 2017 at 8:47 AM

No data is out today, but we do have building approvals, trade balance figures and retail sales released locally this week along with U.K interest rates and U.S non-farm employment figures on Thursday and Friday evening respectively. So overall quite a busy week ahead.

U.S GDP figures were released Friday night and showed the U.S economy chugging along reasonably nicely, with two quarterly readings in a row suggesting that the U.S economy is growing at 3% or above. With that said it's still reasonably unclear how many interest rate hikes to expect in the near term from the U.S Federal Reserve, but another strong jobs number this Friday could force Yellen's hand and see higher rates sooner rather than later. This is obviously quite bearish for AUD/USD and could suggest it may be worthwhile hedging any open AUD/USD positions.

AUD EXCHANGE RATES:

AUD/USD – 0.7674

AUD/GBP – 0.5841

AUD/EUR – 0.6609

AUD/NZD – 1.1150

AUD/JPY – 87.260

COMMODITIES: 

Gold – A$1659/oz

Silver –  A$21.96/oz

WTI – US$54.21/barrel

DATA RELEASES TODAY:

None

***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 

  Email Patrick: patrick@compassmarkets.com

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Topics: Report, Market

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