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 EXCHANGE RATES:
AUD/USD – 0.7727
AUD/GBP – 0.5486
AUD/EUR – 0.6258
AUD/NZD – 1.0632
AUD/JPY – 82.992
USD/BTC – $8,255
OTHER MARKETS:
All Ords (XAO) – 5,976
Gold – A$1740/oz
Silver – A$22.31/oz
WTI – US$68.32/barrel
DATA RELEASES TODAY:
No economic data
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 Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
{{cta(’22fd720b-8ddc-4846-85e4-6ab59d459f68′)}}
