Market Update – 13th March 2019 – AUD/GBP Surges As Brexit Plans Rejected Again

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.

Brexit Plans:

The biggest mover overnight was AUD/GBP thanks to another failed Brexit Vote which saw Theresa May’s latest plans rejected in emphatic fashion. Where this all leaves the U.K and it’s Brexit negotiations remain to be seen but the Pound has been sold off on every rejection in the vote, as a result AUD/GBP is nearly 1% higher overnight. AUD/USD edged higher with commodities prices.

Zinc Prices Surge:

U.S stocks advanced once again with the only detractor being the Dow which fell 0.4%. The Nasdaq and S&P finished 0.44% and 0.3% higher. Metals prices also gained with Zinc leading the pack up $100 a tonne as inventories/stockpiles hit 11 year lows, the other base metals made smaller gains along with oil prices.

Ahead today Westpac Consumer Sentiment numbers, followed by U.K annual budget release and U.S producer prices tonight.

AUD EXCHANGE RATES:

AUD/USD – 0.7047

AUD/GBP – 0.5382

AUD/EUR – 0.6237

AUD/NZD – 1.0283

AUD/JPY – 78.489

OTHER MARKETS:

All Ords (XAO) – 6,260

Gold – A$1,838/oz

Silver –  A$21.81/oz

WTI – US$57.40/barrel

DATA RELEASES TODAY:

AUD – Westpac Consumer Sentiment at 10.30am

GBP – Annual Budget Release

USD – PPI & Core Durable Goods Orders at 11.30pm

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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