Market Update – 19th February 2018 – AUD/USD Loses Ground As China Celebrates The New Year

The Greenback clawed back losses over the weekend causing AUD/USD to lose about 100 points or 1.3% since Friday morning. Activity among the other AUD crosses on the other hand remains subdued with most pairs trading close to levels seen late last week.

Chinese New Year bank holidays continue throughout the early part of this week with Chinese bank workers not back in the office and processing payments until Thursday – as such expect delays in payments to China this week. Some dribs and drabs of economic data will be released this week but nothing overly market moving other than U.S Federal Reserve FOMC meeting minutes which are out early Thursday morning. FOMC meeting minutes generally have an impact on the US Dollar and by default AUD/USD as members usually discuss or rather outline their views on further rates hikes, QE and so forth. We will be watching closely and certainly my Thursday report should highlight what’s changed if anything.

AUD EXCHANGE RATES:

AUD/USD – 0.7896

AUD/GBP – 0.5632

AUD/EUR – 0.6366

AUD/NZD – 1.0703

AUD/JPY – 84.028

USD/BTC – $10,712

COMMODITIES: 

Gold – A$1703/oz

Silver –  A$21.07/oz

WTI – US$61.48/barrel

DATA RELEASES TODAY:

China Bank Holidays til Thursday

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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