Market Update – 11th November 2019 – AUD Eases While Stocks Mixed, Local Equities To Open Stronger

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 Eases:

The AUD eased over the weekend and equity markets finished the week mixed. Stocks in the U.S and Japan gained, while equities across Europe declined following sluggish French economic figures. Overall though sentiment remains positive as we start the week thanks to glimpses of progress last week between Chinese and U.S trade envoys who have hinted at scale back of existing tariffs.

UK GDP:

Prelim UK GDP figures are due out tonight around 8.30pm with estimates suggesting a number of 0.4% growth in GDP for the quarter. 0.4%, while low, will be an improvement on the previous reading which showed -0.2% growth in GDP. With so much going on in the UK right now including Brexit its safe to say more volatility is expected in AUD/GBP. Since the start of the year AUD/GBP is down around 100 points but the range has remained tight trading between 0.5240 and 0.5700 throughout the year.

There is a U.S Holiday tonight (Veterans Day) as such no USD payments will go out.

AUD EXCHANGE RATES:

AUD/USD – 0.6827

AUD/GBP – 0.5335

AUD/EUR – 0.6192

AUD/NZD – 1.0802

AUD/JPY – 74.600

OTHER MARKETS:

All Ords (XAO) – 6,833

Gold – A$2,126/oz

Silver –  A$24.49/oz

WTI – US$57.44 barrel

DATA RELEASES TODAY:

GBP – Prelim GDP q/q at 8.30pm

USD – Veterans Day National Holiday – U.S Banks Closed

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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