Compass Global Markets' Blog

Market Update - 3rd January 2016...sorry 2017 - Aussie Starts The Year Under Pressure

Posted by Patrick Downes on January 3, 2017 at 8:52 AM

Welcome back to all those kicking off 2017 today and don't worry you're certainly not alone as I too am back in the office and ready to build on 2016. Unfortunately however it doesn't look like the Aussie dollar is too keen to follow suit with AUD/USD under pressure this morning holding at just under 0.7180. As I mentioned in one of my last morning reports of 2016, the Aussie dollar typically fares quite poorly in January and whether or not this tradition continues in 2017 remains to be seen but it's certainly worth noting and keeping in mind.

Economic news and data starts to dribble in again this week beginning with Manufacturing numbers out of China today followed by similar data out of the U.K and U.S later this evening. It's important to add that liquidity typically remains quite muted in the early weeks of January owing to the fact that many bank, hedge funds, etc are still on holidays; as a result we can see some exaggerated moves on markets particularly currencies during and after big economic announcements.

DATA RELEASES TODAY:

CNY - Manufacturing PMI at 12.45pm

GBP - Manufacturing PMI at 8.30pm

USD - Manufacturing PMI at 2.00am

AUD EXCHANGE RATES:

AUD/USD – 0.7181

AUD/GBP – 0.5850

AUD/EUR – 0.6870

AUD/NZD – 1.0359

AUD/JPY – 84.493

***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: Report, Market

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