Market Update – 14th September 2018 – AUD/USD Makes Further Gains As Commodities & Stocks Rebound

U.S and European stock markets rebounded for the most part during overnight trade with the only drag being the FTSE which bucked the trend and finished around 0.4% lower. The best performing stock markets were the NASDAQ in the U.S and Spanish IBEX which finished up 0.75% and 0.24% respectively. Commodities prices also broadly edged higher with Copper and Iron Ore posting good gains as general market sentiment improved on the faint prospects of Trump doing a trade deal with China.

AUD/USD starts the day higher again thanks to the aforementioned bullish run in commodities overnight but also much better than expected jobs numbers which were released yesterday morning at 11.30am. Officially we added 44,000 new jobs which was well above the consensus forecast of 16,500. The ABS however saw no change in the official unemployment rate which for the time being appears anchored to 5.3% – the lowest level in 6 years.

U.S retail sales data is out tonight while we have a bunch of Chinese economic data due around midday. Given China and trade is in the spotlight at this moment you’d probably think the markets will be watching this data closely for any signs of weakness in the Chinese data, which so far has remained unchanged despite all the doom and gloom scenarios from some market participants.

AUD EXCHANGE RATES:

AUD/USD – 0.7161

AUD/GBP – 0.5453

AUD/EUR – 0.6119

AUD/NZD – 1.0903

AUD/JPY – 80.188

USD/BTC – $6,449

OTHER MARKETS: 

All Ords (XAO) – 6,239

Gold – A$1,671/oz

Silver –  A$19.72/oz

WTI – US$68.58/barrel

DATA RELEASES TODAY:

USD – Retail Sales

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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