Market Update – 10th July 2019 – Stocks Were Mixed Overnight, While NAB Business Confidence Stalled

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.

Stocks Mixed:

U.S and European equities finished the session mixed overnight – the NASDAQ was the best performer up 0.54%, while the biggest detractor was the German DAX which fell 0.85%. The AUD unfortunately followed the DAX’s lead, heading lower right across the board. AUD/USD may just hold on to the 0.69’s today, however a retest of previous lows does seem likely in the short to medium term.

NAB Business Confidence Falls:

The latest from the NAB Business Confidence survey was released yesterday and showed a steep decline in Business Confidence to 2 from last months reading of 7 – 2 is the second lowest reading we’ve seen since 2016. The low reading probably gives more merit to the RBA’s consecutive rate cuts and perhaps they saw something the market was not.

UK economic data is released tonight along with minutes from the latest FOMC Meeting.

AUD EXCHANGE RATES:

AUD/USD – 0.6900

AUD/GBP – 0.5529

AUD/EUR – 0.6152

AUD/NZD – 1.0457

AUD/JPY – 75.131

OTHER MARKETS:

All Ords (XAO) – 6,750

Gold – A$2,015/oz

Silver –  A$21.80/oz

WTI – US$58.56/barrel

DATA RELEASES TODAY:

GBP – GDP & Manufacturing Prodn at 6.30pm

USD – FOMC Meeting Minutes at 4.00am (tomorrow morning)

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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