Market Update – 18th June 2019 – AUD Retreats While Safe Havens Rally

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.

AUD Retreats:

The Aussie dollar has retreated over the past 24 hours, off around half a percent across the board. Oil also slipped, while the safe havens of Gold, the U.S Dollar and Japanese Yen made gains. Stocks in Europe and the U.S finished mostly higher with the Nasdaq rebounding the most following a poor showing on Friday evening.

Monetary Policy Minutes Due:

RBA Monetary Policy Minutes are due out this morning at 11.30am, and this should provide a bit more colour to the rate cut we saw two weeks ago. To recap, the RBA cut interest rates by 25 basis points in their first move since the August 2016 meeting nearly three years ago. The lower interest rates had an immediate impact on the AUD and in the two weeks since the cut AUD/USD has fallen around 100 points or 1.5%. AUD/EUR and AUD/GBP have fared a little better off only half to 1%.

Other than that, there is not a great deal further going on in markets, so I will leave it at that.

AUD EXCHANGE RATES:

AUD/USD – 0.6822

AUD/GBP – 0.5434

AUD/EUR – 0.6074

AUD/NZD – 1.0516

AUD/JPY – 74.089

OTHER MARKETS:

All Ords (XAO) – 6,609

Gold – A$1,953/oz

Silver –  A$21.65/oz

WTI – US$52.17/barrel

DATA RELEASES TODAY:

AUD – Monetary Policy Meeting Minutes

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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