Market Update – 16th April 2020 – AUD & Equities Give Back Some Gains, Employment Data Due

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.

Equities & AUD Give Back Gains:

Profit taking and a significant contraction in U.S retail sales numbers was the catalyst overnight for a sell off in equities and the AUD. U.S equities lost between 1.5% and 2.2% as retail sales numbers contracted by 8.7% in the month of March; while in Europe stocks were hit harder falling well over 3%. AUD/USD which had been on a stellar run since mid-March has fallen a little over 2% since yesterday afternoon. Overall though AUD/USD remains six cents above March lows, while the other majors are also above recent lows.

Covid Case Numbers AUS:

Across Australia Covid19 new cases have stayed below 50 for a fourth consecutive day while the number of recoveries has continued to steam ahead. All in all when compared to the rest of the world, we’ve done a spectacular job containing Covid19 and there are now likely fewer than 2,000 active cases across the whole of Australia (mostly in NSW). In addition the fatality rate has been kept to just under 1% (0.97%) in a demonstration of how fantastic our medical system is in Australia.

Employment Data:

Local employment data is due out this morning and we’re expecting to see a significant jump in the number of job losses. Expectations are that 33,000 jobs were lost in March while the unemployment rate likely ticked up to 5.4% from 5.1% – this may end up being quite a conservative estimate.


AUD/USD – 0.6281

AUD/GBP – 0.5008

AUD/EUR – 0.5754

AUD/NZD – 1.0505

AUD/JPY – 67.500


All Ords (XAO) – 5,523

Gold – A$2,719/oz

Silver –  A$24.50/oz

WTI – US$25.60 barrel


AUD – Employment Change & Unemployment Rate at 11.30am

USD – Unemployment Claims at 10.30pm

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 



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