Market Update – 17th May 2018 – Equities, Commodities & AUD Move Higher

Equities, commodities and the Aussie dollar have moved higher in unison overnight while the traditional safe haven of Gold has retreated suggesting renewed optimism in global financial markets. The Aussie dollar made gains against all the majors with AUD/USD again finding support in the 0.7400’s and pushing back into the safety of the 0.7500 level.

Data released locally here yesterday showed wages growth remains subdued with the index coming in at 0.5% which was lower than the 0.6% forecast. Additionally the previous quarters reading was revised lower showing the downward spiral in wages growth may yet have further to run. Other data out yesterday was Westpac Consumer Sentiment which came in negative once again while providing a great example of the impact weak wages growth is having on the economy and the very subdued retail sales sector.  Commodities, immigration and education however continue to support the Australian economy without which we’d probably be in dire trouble.

Employment numbers are released close to lunch time today and expectations are that we’ll see 20K new jobs created but no change to the unemployment rate which stands at 5.5%. In New Zealand, they release their annual budget papers.


AUD/USD – 0.7515

AUD/GBP – 0.5561

AUD/EUR – 0.6361

AUD/NZD – 1.0889

AUD/JPY – 82.895

USD/BTC – $8,266


All Ords (XAO) – 6,208

Gold – A$1717/oz

Silver –  A$21.81/oz

WTI – US$71.59/barrel


AUD – Unemployment Rate and Employment Change at 11.30am

NZD – Annual Budget Release at midday

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 




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