Market Update – 18th October 2018 – AUD/USD Declines Marginally As Fed Starts Debating Speed Of Rate Hikes

The AUD declined marginally against the Greenback overnight as U.S Federal Reserve minutes from their latest meeting showed some debate among members over how quickly U.S interest rates should rise and the appropriate level at which to stop hiking rates. The discussion/debate around the speed of interest rate hikes may suggest the Fed is starting to think raising too quickly could be problematic for market stability. AUD/EUR and AUD/GBP finished the session a little higher than this time yesterday.

In commodities markets, Oil fell and Gold rallied while base metal prices were broadly stronger lead by Zinc, Uranium and Iron ore. Uranium has been the best performing metal alongside Vanadium and perhaps something to watch for those of you interested in commodities investing.

Ahead today is local employment data at 11.30am. Economists estimate that the unemployment rate will hold at 5.3% while 15k new jobs were likely to have been created last month. NAB business confidence is out at the same time and usually a very interesting data point to look at.

AUD EXCHANGE RATES:

AUD/USD – 0.7079

AUD/GBP – 0.5395

AUD/EUR – 0.6150

AUD/NZD – 1.0830

AUD/JPY – 79.835

USD/BTC – $6,418

OTHER MARKETS: 

All Ords (XAO) – 6,047

Gold – A$1,719/oz

Silver –  A$20.57/oz

WTI – US$69.81/barrel

DATA RELEASES TODAY:

AUD – Unemployment Rate at 11.30am

AUD – NAB Quarterly Business Confidence at 11.30am

GBP – Retail Sales m/m at 7.30pm

EUR – EU Economic Summit – Day 2

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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