Market Update – 10th September 2019 – AUD Mixed, Home Loans Data Shows Signs Of Life

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.

AUD Mixed:

The Aussie Dollar finished the overnight session mixed: AUD/GBP fell, AUD/EUR was flat while AUD/USD & AUD/JPY clawed higher albeit only by around 15-20 points. The lower volatility and generally more positive investor sentiment over the past week has been the major catalyst for the AUD’s gains vs. the USD and JPY. U.S and European equities also opened the week mixed with the U.S Dow and German Dax making modest gains, while the S&P500 and the Euro Stoxx 50 were mostly flat.

Home Loans Data:

Local home loans data released yesterday morning showed some signs of life jumping 5.1% in July, however the gains were off quite a low base and were likely driven more by the election of Scott Morrison in May. Looking at the monthly figure versus this time last year and the decline is around 12% – so still a lot of work to be done to get buyers back and interested in the housing market, which remains weak.

A bit of Chinese data due this morning along with NAB Business Confidence at 11.30am. No forecast is given for the business confidence reading however the trend has been positive since June. The Chinese data is expected to show further signs of slowing growth.

AUD EXCHANGE RATES:

AUD/USD – 0.6833

AUD/GBP – 0.5528

AUD/EUR – 0.6180

AUD/NZD – 1.0648

AUD/JPY – 73.271

OTHER MARKETS:

All Ords (XAO) – 6,760

Gold – A$2,183/oz

Silver –  A$26.18/oz

WTI – US$58.04/barrel

DATA RELEASES TODAY:

AUD – NAB Business Confidence at 11.30am

CNY – CPI & PPI y/y at 11.30am

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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