Market Update – 13th June 2019 – AUD Falls As Trump Targets Germany & Slower U.S Growth Raises Concerns

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 Off The Boil:

The Aussie Dollar is down across the board on the back of weak local consumer sentiment yesterday, slower CPI growth in the U.S and a broad sell off on U.S and European equity markets overnight. AUD/USD fell around half a percent as Trump’s latest abrasive rhetoric directed at Germany and Angela Merkel made front page news and looks to have caught equity and Forex traders a little off guard.

US Inflation Misses Targets:

U.S Core CPI delivered overnight failed to meet estimates coming in at 0.1% for the month. Annualised that’s around 1.2% growth, barely something to cheer about and probably locking in a few rate cuts from the U.S Federal Reserve later this year.

Ahead today is local employment data with the latest jobs report and unemployment rate delivered at 11.30am. Expectations are for a further drop in the unemployment rate to 5.1% and for 16,000 new jobs to have been created.

AUD EXCHANGE RATES:

AUD/USD – 0.6901

AUD/GBP – 0.5429

AUD/EUR – 0.6106

AUD/NZD – 1.0508

AUD/JPY – 74.901

OTHER MARKETS:

All Ords (XAO) – 6,628

Gold – A$1,922/oz

Silver –  A$21.31/oz

WTI – US$51.34/barrel

DATA RELEASES TODAY:

AUD – Unemployment Rate & Employment Change at 11.30am

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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