Compass Global Markets' Blog

Market Update - 9th May 2017 - Australia Budget Release Could Be Right Timing To Support AUD

Posted by Patrick Downes on May 9, 2017 at 8:35 AM

It's a big day for.......Australia, and the Aussie dollar for that matter with both retail sales and Scott Morrison's second Budget due for release later this evening - 7.30pm to be precise. While we're not expecting anything out of the ordinary with respect to retail sales, the Annual Budget is expected to be a show stopper and therefore also a key driver for the Aussie dollar through the rest of this week. Some key things likely to be addressed in the budget include measures to contain the very frothy east coast housing market, infrastructure plans to support Perth and WA, the Aussie dollar and it'll also be quite interesting to see what kind of price they forecast for iron ore through 2017-18.

DATA RELEASES TODAY:

AUD - Retail Sales at 11.30am

AUD - Annual Budget Release at 7.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7332

AUD/GBP – 0.5653

AUD/EUR – 0.6707

AUD/NZD – 1.0625

AUD/JPY – 83.117

***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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