Market Update – 13th November 2018 – Investors Pile Into Greenback & Yen As Equities Take Another Hit

Safe haven assets including the Yen and the Greenback performed well overnight as investors looked to protect themselves from declines across equities markets and commodities. U.S equities were led lower by the tech heavy NASDAQ which fell 2.7%, while in Europe stocks also declined with the DAX down the most, falling 1.77%. Overall it was a night to forget for equities and our local market is set to open 1.2% lower this morning.

AUD/USD which had briefly last week tested 0.7300 is now off by nearly 2% from those highs and seemingly looking vulnerable once again as investors retreat into their shells amidst trade ware fears and concerns about global growth. Iron ore prices which have been a good indicator for the AUD, remain elevated and near the highest levels since March, which does bode well for our local commodities stocks.

NAB Business Confidence is out today at 11.30am. Last months reading was 6 with the trend has been in decline ever since May 2017 when we hit 13. UK Average Earnings Index is released at 8.30pm with economists predicting a slight increase in wages in the U.K.

AUD EXCHANGE RATES:

AUD/USD – 0.7147

AUD/GBP – 0.5554

AUD/EUR – 0.6363

AUD/NZD – 1.0659

AUD/JPY – 81.381

USD/BTC – $6,302

OTHER MARKETS:

All Ords (XAO) – 6,027

Gold – A$1,673/oz

Silver –  A$19.52/oz

WTI – US$59.13/barrel

DATA RELEASES TODAY:

AUD – Nab Business Confidence at 11.30am

GBP – Average Earnings Index at 8.30pm

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

{{cta(‘b4d1fdf3-9b81-4df4-87c2-23257194f470’)}} 

Patrick's Signature-802090-edited.jpg

Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

  {{cta(’22fd720b-8ddc-4846-85e4-6ab59d459f68′)}}

CompassFB-1

 

Leave a Reply

Your email address will not be published.