The Aussie Dollar fell marginally overnight following another sell-off in base metals that saw Zinc lead the pack lower testing 2,600USD a tonne after reaching as high as 3,600USD a tonne in late February. Iron ore and Copper also fell and remain very much out of favour since Trump started to postulate about trade war and tariffs in Feb. Overall we’re down about half a percent vs. the USD and EUR while AUD/GBP has fallen around 1% following big gains on Monday evening.
U.S equities finished the session higher but have since lost ground on the futures market in the early part of this morning which will drag on the ASX – the ASX looks set to open about 0.2% lower on the back of this and the weaker commodities prices.
Economic data out today included home loan numbers and Westpac Consumer Sentiment – both are out this morning and probably won’t have any more than a minimal impact on the AUD today. Home loan numbers are expected to contract by 1.9% which would be a 6th straight month of contraction in the housing and home loans market. Westpac Consumer Sentiment doesn’t have a forecast but if the last year of data is anything to go by then expect more flat numbers here.
AUD EXCHANGE RATES:
AUD/USD – 0.7433
AUD/GBP – 0.5603
AUD/EUR – 0.6336
AUD/NZD – 1.0900
AUD/JPY – 82.498
USD/BTC – $6,339
OTHER MARKETS:
All Ords (XAO) – 6,366
Gold – A$1,689/oz
Silver – A$21.60/oz
WTI – US$73.06/barrel
DATA RELEASES TODAY:
AUD – Westpac Consumer Sentiment at 10.30am
AUD – Home Loans m/m at 11.30am
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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