Compass Global Markets' Blog

Market Update - 5th May 2017 - Aussie's Fall Accelerates Ahead Of Crucial French Run-Off

Posted by Patrick Downes on May 5, 2017 at 8:31 AM

A further decline in the value of the Aussie dollar coincides with falls across commodities overnight. Nickel, iron ore, copper, zinc and oil were all lower as markets have become more jittery about the likelihood or prospects that we'll ever see an infrastructure plan from Trump - as so far he's been incapable of even the smallest tasks.

This weekend shapes as pretty important for France and the whole EU with a final run-off occurring Sunday evening (our time) between Macron and Le Pen. A lot has been written and spoken about both candidates but a recent debate aired on national TV showed Macron the clear winner over a rather frazzled and incoherent Le Pen. Should Macron win which is at this stage the likely scenario (he's over 20% clear in polling) then that will certainly be a positive for the Euro and perhaps to a lesser extend the GBP. As such clients wishing to deal EUR may wish to do so today to avoid a potential further decline in AUD/EUR.

DATA RELEASES TODAY:

AUD – RBA Monetary Policy Statement at 11.30am

USD - Non-Farm Payrolls and Unemployment Rate at 10.30pm

USD - Fed Chair Yellen Speaks at 3.30am

AUD EXCHANGE RATES:

AUD/USD – 0.7359

AUD/GBP – 0.5683

AUD/EUR – 0.6700

AUD/NZD – 1.0735

AUD/JPY – 82.871

***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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