Market Updates 22/05/2017

Bitcoin reached $1,900 thanks to a rush of investment from Asia, but that did not stay a record for long. BTCUSD is now trading a historic level of above $2,070 per bitcoin giving its entire market cap of about $34 billion.
Local shares are expected to open higher to start this week rebounding from Friday’s losses triggered by renewed interest in oil, gold, iron ore and base mentals. Spot price of iron ore traded 1.8% to US$62.69 a tonne on Friday and Chinese steel futures rallied. Crude Oil also traded higher above US$50, its highest in a month.
Last week our jobless rate fell to 5.7% close to a 4 year low from 5.9% with employers added 106,000 jobs over the first 4 months of 2017. That pushed up AUDUSD from 72.26 cents to as high as 74.67 cents before retreating to current trading level of 74.43 cents.
EUR – Euro Group Meetings
GBP – Prime Minister May Speaks, Inflation Report Hearings
EUR – German Ifo Business Climate
CAD – BOC Rate Statement & Overnight Rate
USD – Crude Oil Inventories, FOMC Meeting Minutes, Unemployment Claims
NZD – Annual Budget Release
USD – Core Durable Good Orders m/m & Prelim GDP q/q
Andrew Law
General Manager
m: 0411 625 998
Posted in Foreign Exchange News.