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.
Despite a solid session overnight in which both metals & energy prices and overseas equities moved higher, the AUD starts the day around half a percent lower (than this time yesterday) vs. the Greenback and Pound and around a third of a percent lower vs. the Euro. Metals were led higher higher by copper and zinc, while the Dow was the best performing major index overnight, finishing up around 0.6%.
In the U.K Theresa May survived a no confidence vote which means U.K parliament will head back into cross-bench Brexit talks in a bid to come up with a deal that will satisfy both U.K politicians and their European counterparts. This story keeps twisting and turning and so its prudent to expect increased volatility in all the GBP crosses including AUD/GBP. As a rough guide AUD/GBP has traded between 0.5450 and 0.5680 just this month, expect more of the same until a definite conclusion to this saga transpires.
G20 meetings happening in Tokyo today – these meetings can provide positive news but it’s all about substance rather than quantity. Perhaps G20 nations will discuss some coordinated effort to reinvigorate global growth? Watch this space.
AUD EXCHANGE RATES:
AUD/USD – 0.7133
AUD/GBP – 0.5534
AUD/EUR – 0.6261
AUD/NZD – 1.0544
AUD/JPY – 77.936
USD/BTC – $3,578
All Ords (XAO) – 5,893
Gold – A$1,804/oz
Silver – A$21.75/oz
WTI – US$52.61/barrel
DATA RELEASES TODAY:
All – G20 Meetings
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