Market Updates 3/10/2017

AUDUSD continued to trade lower currently trading at US$0.7811 cents. The local currency was caught in a downdraft with the prospect of an Australia interest rates falling behind global peers, with the US central bank signaling it sees rates rising for the third time this year. A plunge in the spot Iron Ore prices on Thursday night, and a credit rating cut for China by Standard & Poor’s.

Oil price also tumbled on rising supply within OPEC with the Futures fell as much as 3.1% in New York after OPEC output rose and shale drillers put rigs back to work.  Gold prices also continued to trade lower at US$1,270.29 per ounce.

 

Investors are looking for directions from Cash rate due out in Australia today with market tipping rates to be unchanged while in the global market, Non-Farm payroll figures are due on Friday in the US.

 

DATA RELEASES THIS WEEK:

Tuesday:

USD – ISM Manufacturing PMI

AUD – RBA Rate Statement

GBP – Construction PMI

 

Wednesday:

GBP – Services PMI

USD – ADP Non-Farm Employment Change

 

Thursday:

USD – ISM Non-Manufacturing PMI, Crude Oil Inventories, Unemployment Claims & Fed Chair Yellen Speaks

EUR – ECB President Draghi Speaks

AUD – Retail Sales & Trade Balance

CAD – Trade Balance

 

Friday:

CAD – Employment Change & Unemployment Rate

USD – Average Hourly Earnings, Non-Farm Employment Change & Unemployment Rate

 

Andrew Law

General Manager

0411 625 998

Posted in Foreign Exchange News.