Compass Global Markets' Blog

Market Update - 6th November 2017 - U.S Jobs Numbers Miss The Mark, AUD/USD Clings To 0.7600

Posted by Patrick Downes on November 6, 2017 at 8:36 AM

No report from me last Friday, but what you missed was the Bank of England hiking rates 25 basis points to 0.5% on Friday morning our time. This marks the first time since July 2007 that the BOE has raised rates. Yes, you read that right, July 2007 was the last time the Bank of England hiked rates as inflation was rising leading up to the GFC. So this rate hike along with rate hikes in the U.S certainly bodes well for the global economy and potentially suggests inflation is coming back with some vengeance. On Friday night we saw U.S jobs numbers, but they failed to meet estimates coming in at 261K new jobs instead of the 312K predicted.

Looking at the Aussie dollar crosses it certainly appears AUD/GBP is trending lower, while AUD/USD appears to be hovering in the 0.76-7800 range for the time being. AUD/EUR also appears to be declining as European growth numbers and inflation prospects improve.

Ahead today is ANZ Jobs ads at 11.30am, which is always an interesting economic indicator.

Tomorrow is Melbourne Cup Day and a public holiday across Victoria. I'll likely be at the Cup, but still able to book deals as and when required - but email would be best option to communicate with me. Cheers in advance.

AUD EXCHANGE RATES:

AUD/USD – 0.7646

AUD/GBP – 0.5848

AUD/EUR – 0.6581

AUD/NZD – 1.1068

AUD/JPY – 87.193

COMMODITIES: 

Gold – A$1660/oz

Silver –  A$22.03/oz

WTI – US$55.80/barrel

DATA RELEASES TODAY:

AUD - ANZ Job Ads at 11.30am

***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: Report, Market

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