It’s a bank holiday in China today, which means all payments received over the weekend bound for China will be released tomorrow. As such please allow an extra day for payments to be received by your suppliers.
Commodities, stocks and the Aussie Dollar all finished the week in the red with Trump escalating an unwinnable trade war with China. Understandable retaliatory tariffs by China on U.S exports to the tune of about $34 billion rattled markets and saw equities in the U.S off by about 0.2%-0.3%, while Europe fared far worse with the FTSE down as much as 1.7%. Commodities markets also got hit which in turn put a substantial dampener on the Aussie dollars recent good form.
AUD/USD is trading in the low 0.74’s and may well retrace below this level if Trump continues his current path, while AUD/EUR and AUD/GBP have both lost considerable ground over the weekend and start the week at 0.6417 and 0.5604 respectively.
AUD EXCHANGE RATES:
AUD/USD – 0.7441
AUD/GBP – 0.5605
AUD/EUR – 0.6417
AUD/NZD – 1.0725
AUD/JPY – 82.330
USD/BTC – $6,470
OTHER MARKETS:
All Ords (XAO) – 6,104
Gold – A$1719/oz
Silver – A$22.26/oz
WTI – US$64.18/barrel
DATA RELEASES TODAY:
No economic data today + Bank Holiday in China
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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