Compass Global Markets' Blog

Market Update - 4th January 2017 - Strong Manufacturing Numbers Help Boost Equities & AUD

Posted by Patrick Downes on January 4, 2017 at 9:08 AM

The first morsels of economic data for 2017 started to trickle in overnight with key manufacturing gauges coming out of China, the U.K and U.S. For the most part the data was positive with a bounce in manufacturing across the board. China's Caixin PMI figure, a gauge of purchasing managers, came in at 51.9, the most optimistic Chinese purchasing managers have been in about two and a half years. Similar gains were seen in both the U.S and U.K PMI figures.

U.S and European equities were boosted by the positive economic manufacturing data with U.S equities up by around 0.8%, while European equities gained between 0.2%-0.5%. The Aussie dollar is up marginally to 0.7220 on the wholesale market but may struggle today in light of weaker commodity prices and the strong manufacturing data out of the U.S. AUD/EUR is the stand out performer up a whopping 1.3% overnight.

DATA RELEASES TODAY:

GBP - Construction PMI at 8.30pm

USD - FOMC (Fed Reserve) Meeting Minutes at 6.00am (tomorrow morning)

AUD EXCHANGE RATES:

AUD/USD – 0.7221

AUD/GBP – 0.5900

AUD/EUR – 0.6939

AUD/NZD – 1.0437

AUD/JPY – 85.035

***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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