Please note that the commentary below is factual information provided to a group of readers as a web blog, and where an opinion is expressed by the author, it is GENERAL ADVICE only.
Believe it or not the AUD is not a single point different from yesterday’s figures at the same time. Obviously we still had a bit of volatility throughout the past 24 hours, but I’m literally seeing the same numbers and I have to admit I have never seen that before. Quite an anomaly, but I digress.
Home Loans & Equities:
So what’s happened over the past 24 hours? Well we saw the release of home loans data yesterday, which showed a little life with growth in home loans at 2% month on month and following a string of heavy falls in the previous 3 months. We haven’t strung two positive months together since the boom times of 2017. Overnight we saw no real news or economic data, however U.S and European equities declined as market participants took profits and a breather from a pretty solid stretch of gains since the start of 2019. Whether or not those gains continue is anyone’s guess, but a run like that always sees eventual profit taking.
A fair bit of economic data is out over the next 24 hours, with Westpac Consumer Sentiment at 11.30am, followed by UK GDP, European Interest Rates, U.S CPI tonight and the Fed’s FOMC statement early tomorrow morning. AUD will likely have moved tonight given the upcoming data, however which way depends alot on sentiment and Jerome Powell’s FOMC statement at 5.00am.
AUD EXCHANGE RATES:
AUD/USD – 0.7093
AUD/GBP – 0.5426
AUD/EUR – 0.6294
AUD/NZD – 1.0535
AUD/JPY – 78.961
All Ords (XAO) – 6,315
Gold – A$1,830/oz
Silver – A$21.37/oz
WTI – US$64.21/barrel
DATA RELEASES TODAY:
AUD – Westpac Consumer Sentiment at 11.30am
GBP – GDP m/m at 7.30pm
EUR – Monetary Policy Statement and Interest Rate Decision at 10.45pm
USD – CPI at 11.30pm
USD – FOMC Meeting Minutes at 5.00am (tomorrow morning)
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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