Market Update – 19th March 2019 – AUD Bid Overnight, However House Price Index Due At 11.30am

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 Bid: 

The AUD is up across the with the majority of those gains made versus the GBP which slid in overnight trade. AUD/USD and AUD/EUR moved only marginally higher. Financial markets more broadly were bid, with both U.S and European stocks gaining along with commodity prices. The biggest gainer in the metals space was iron ore which leapt over 4% as a Brazilian court shuttered a 12 million tonne per annum Vale Iron Ore mine. RIO, FMG, BHP and the soon to be restarted Koolan Island mine owned by MGX all benefited and should continue to do so as iron ore supply remains tight.

House Price Index:

No economic data was released yesterday however Monetary Policy Meeting Minutes from the latest RBA meeting are due out this morning, followed by the ABS’s Home Price Index at 11.30am. House prices have been falling and the declines have been accelerating in the early part of 2019. Economists have tipped a 1.9% decline in Aussie house prices this quarter which would be officially the sharpest falls we’ve seen since the aftermath of the GFC.

AUD EXCHANGE RATES:

AUD/USD – 0.7070

AUD/GBP – 0.5327

AUD/EUR – 0.6230

AUD/NZD – 1.0330

AUD/JPY – 78.806

OTHER MARKETS:

All Ords (XAO) – 6,283

Gold – A$1,835/oz

Silver –  A$21.61/oz

WTI – US$59.26/barrel

DATA RELEASES TODAY:

AUD – House Price Index & RBA Meeting Minutes at 11.30am

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.

 

{{cta(‘b4d1fdf3-9b81-4df4-87c2-23257194f470’)}} 

Patrick's Signature-802090-edited.jpg

Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

  {{cta(’22fd720b-8ddc-4846-85e4-6ab59d459f68′)}}

CompassFB-1

 DISCLOSURE AND DISCLAIMER – GENERAL ADVICE WARNING
The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
This report is provided for Australian residents only and is not intended for use by residents of any other country.

Leave a Reply

Your email address will not be published.