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.
A real mixed bag over the weekend with AUD/EUR steady, while AUD/USD edged lower on U.S retail sales numbers and AUD/NZD inched higher. U.S core retail sales, which excludes vehicles/automobiles came in on target at 0.5% on Friday night, while the previous months number was revised higher. The U.S Fed though is still expected to cut rates at some point this year as a result of slowing growth coupled with a persistent trade war with China.
Front page news in the financial press continues to be the HK protests with some 2 million people protesting yesterday against proposed changes to extradition laws to China. To put that in perspective the population of HK is 7.5m people, so effectively you’re seeing roughly a quarter of the population on the streets. Nuts.
Stocks in the U.S and Europe eased Friday night with the Nasdaq again the worst performer with tech stocks well and truly in the headlights thanks to their dizzying valuations.
No economic data is released today, however ECB President Draghi speaks tonight at a Central Banking forum in Portugal.
AUD EXCHANGE RATES:
AUD/USD – 0.6848
AUD/GBP – 0.5430
AUD/EUR – 0.6102
AUD/NZD – 1.0553
AUD/JPY – 74.346
All Ords (XAO) – 6,633
Gold – A$1,949/oz
Silver – A$21.60/oz
WTI – US$52.79/barrel
DATA RELEASES TODAY:
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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