Market Update – 19th August 2019 – AUD/Equities Likely To Start The Week On Positive Note

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 Rises With Equities:

The Aussie Dollar had a solid close to the week, much like equities, finishing higher right across the board. AUD/USD climbed back towards the mid 0.67’s, while the best performers have been AUD/JPY and AUD/GBP which have benefited from less risk aversion and Brexit concerns respectively. In the U.S the Nasdaq lead the way on Friday night up 1.67%, while in Europe the Spanish IBEX35 finished nearly 1.8% higher at the close. Local equities should open quite a bit higher this morning on renewed risk appetite – at the moment ASX200 Futures are up 1.01%.

Very Little Data:

Not much data is out today or tonight. However a recap of last week saw U.S CPI at 0.3% for the month, while Retail Sales really surprised to the upside coming in at 1% which was well ahead of expectations. The better than anticipated U.S data isn’t likely to sway the Fed, who are likely to continue to cut rates throughout the year. Locally we saw a bumper jobs number on Thursday, however 41,000 new jobs in the month of July wasn’t enough to move the unemployment rate which appears stubbornly anchored to 5.2% – where it’s been for four consecutive months.

AUD EXCHANGE RATES:

AUD/USD – 0.6753

AUD/GBP – 0.5548

AUD/EUR – 0.6083

AUD/NZD – 1.0523

AUD/JPY – 71.819

OTHER MARKETS:

All Ords (XAO) – 6,485

Gold – A$2,232/oz

Silver –  A$25.23/oz

WTI – US$54.87/barrel

DATA RELEASES TODAY:

None

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
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