Compass Global Markets' Blog

Market Update - 6th March 2017 - All Eyes On Local Retail Sales At 11.30AM

Posted by Patrick Downes on March 6, 2017 at 9:54 AM

Equities finished the week mostly up on Friday evening with everything bar the UK FTSE and German DAX ending the session higher. Local equities however didn't fair as well with the ASX 200 retracing by around 0.8% - futures markets suggest a positive session is on the cards today.  To the Aussie dollar and we see very little movement here but a clear solidification below the 0.7600 level vs. the Greenback, while AUD/EUR and AUD/GBP remain range bound between 0.71-0.72 and 0.61-0.62 respectively.

Aussie retail sales at 11.30am kick off a busy week, with the monthly cash rate decision due tomorrow at 2.30pm, followed by Chinese inflation numbers on Wednesday and the all important U.S non-farm employment figures on Friday evening.  Local retail sales are tipped to come in at 0.4% which would be the best reading since December and certainly welcomed by all considering the last two reading have been quite poor; -0.1% and 0.2%.

Nearly no one is expecting any change to interest rates tomorrow from 1.5% so the focus will be more so on the rate statement from the RBA and on the growth/health of the economy.

DATA RELEASES TODAY:

AUD - Retail Sales at 11.30am

AUD EXCHANGE RATES:

AUD/USD – 0.7548

AUD/GBP – 0.6133

AUD/EUR – 0.7121

AUD/NZD – 1.0798

AUD/JPY – 86.147

***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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