Market Update – 13th July 2018 – AUD, Equities & Commodities Rebound Following Trump Trade Sell-Off On Wednesday

No report from me yesterday as a result of a very busy morning. But what you missed was a global risk sell off following Trump’s announcement he’d sting China with potentially as much as another US$200billion in tariffs. The market however rebounded yesterday afternoon following the knee-jerked sell-off which sent equities, the AUD and commodities sharply lower. Oil perhaps was the only commodity not to retrace losses but that’s as a result of another very different tweet from Trump.

News so far this week has related to Trump bashing NATO, China and Oil producing countries…while in Canada they raised their interest rates to 1.5%, on par with the RBA here in Australia. Both Canada and Australia lag U.S rates by half a percent – how long this discrepancy stays in place is anyone’s guess but from memory the last stint lasted only a brief moment in time.

No economic news out today – but markets generally look healthier with European and U.S stocks moving higher overnight.

AUD EXCHANGE RATES:

AUD/USD – 0.7384

AUD/GBP – 0.5587

AUD/EUR – 0.6310

AUD/NZD – 1.0911

AUD/JPY – 82.100

USD/BTC – $6,137

OTHER MARKETS: 

All Ords (XAO) – 6,349

Gold – A$1,683/oz

Silver –  A$21.53/oz

WTI – US$69.54/barrel

DATA RELEASES TODAY:

No economic data out today.

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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