Market Update – 17th February 2020 – AUD Hovering 0.6700 As We Enter Big Week Of Data

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.

Big Week For Local Data:

Morning all – hope you had a relaxing and enjoyable weekend. AUD/USD is hovering around the 0.6700 level, while the other majors continue to gyrate on news flow. AUD/JPY is off some 300 points since pandemic fears were first raised in the middle of January and hasn’t really recovered since.

Nothing out today, but we have a bit of economic data due out over the course of the week starting with RBA monetary policy minutes at 11.30am tomorrow morning. The RBA left rates on hold at 0.75% for the third consecutive meeting last month, however economists predict another rate cut could be on the way given the dual impact of the bush-fires and the coronavirus. The RBA is good at telegraphing it’s moves, so perhaps this morning some breadcrumbs can be found in the meeting minutes which will give us an idea when the next cut will occur?

Wages & Employment:

Wage prices and employment numbers will be released later in the week; Wednesday and Thursday respectively. These two are what the RBA is watching most closely, to avoid another rate cut we’ll need to see significantly higher wages and employment, if not then another rate cut is a lock which in turns me a lower AUD. As a result expect some AUD volatility heading into these two announcements.


AUD/USD – 0.6690

AUD/GBP – 0.5120

AUD/EUR – 0.6165

AUD/NZD – 1.0395

AUD/JPY – 73.526


All Ords (XAO) – 7,227

Gold – A$2,356/oz

Silver –  A$26.39/oz

WTI – US$52.45 barrel


ALL – No data today

USD – Bank Holiday tonight

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 



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