Market Update – 20th April 2018 – AUD/USD Loses Ground Following Surge Higher Yesterday On Strong Commodities Prices

No report from me yesterday due to a very busy morning, but looking back commodities had an absolute cracker of a session with zinc, copper and iron ore all up and helping to drive the Aussie dollar higher against all the majors. AUD/USD did breach 0.7800 momentarily yesterday however it has since been sold off back to the low 0.77’s as a result of a strengthening US dollar and some profit taking on commodities markets.

Not much data is out today but with Trump potentially meeting with Kim Jong Un and also further discussion with China which could halt an escalation in trade war tensions things are starting to look a little better on the global macro economic front. As is always the case when one thing quietens down another pops up and I guess the main message is that AUD/USD particularly has been quite stable over the past month or so but that is certainly not guaranteed to continue. The bias is still probably lower for AUD/USD as a result of the U.S hiking interest rates, as such taking advantage of current levels is the best bet for importers. Exporters can sit pretty for the time being.


AUD/USD – 0.7727

AUD/GBP – 0.5486

AUD/EUR – 0.6258

AUD/NZD – 1.0632

AUD/JPY – 82.992

USD/BTC – $8,255


All Ords (XAO) – 5,976

Gold – A$1740/oz

Silver –  A$22.31/oz

WTI – US$68.32/barrel


No economic data

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 




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