Compass Global Markets' Blog

Market Update - 3rd August 2017 - AUD/USD Stable Overnight But Local Trade Balance Figures Due @ 11.30AM

Posted by Patrick Downes on August 3, 2017 at 8:40 AM

Stable commodities prices and weaker than anticipated preliminary U.S jobs numbers sees AUD marginally lower today vs. the Greenback, EURO and Pound but remains near two year highs vs the Greenback.

Ahead this morning is local trade balance figures, followed by the Bank of England's interest rate decision and U.S non-manufacturing PMI data later this evening. The real driver for the AUD at present appears to be commodity prices particularly iron ore while the performance of Trump in the U.S also has a tendency to move AUD/USD. If Trump is able to get his infrastructure plans through Congress he should see a bump in not only his approval rating but also a bump in the USD. However at this stage it doesn't appear he is able to perform even the simplest of tasks as such AUD/USD could well continue to drift higher with the Greenback well and truly out of favour.

AUD EXCHANGE RATES:

AUD/USD – 0.7963

AUD/GBP – 0.6021

AUD/EUR – 0.6716

AUD/NZD – 1.0732

AUD/JPY – 88.159

DATA RELEASES TODAY:

AUD - Trade Balance Figures at 11.30am

GBP - Bank of England Rates Announcement at 9.00pm

USD - ISM Non-Manufacturing PMI at midnight

***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: Market, Report

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