Market Update – 20th August 2018 – AUD Makes Gains As Markets Settle

I haven’t posted a Morning Market Update since Thursday, however the good news for the vast majority of you importers is that the Aussie Dollar has finally found a bit of support around the 0.7200 level – the official low was 0.7202 and we’ve since bounced back to be trading just under 0.7300 as I write this report. Commodities and Equities also look better with Trump in fresh talks with China about settling the current trade dispute and things settling on the global macro economic front. We would hope to see further AUD gains over the course of the week…however in the FX market nothing is certain so the best thing is to remain vigilant and hedge your foreign currency exposures where appropriate. If you need to discuss how to reduce risk with a falling AUD please contact me.

No economic data is released today and not much locally through the week. U.S Federal Reserve Bank minutes will be released Thursday morning which should give us some further insights into the next rate move from the U.S Fed, however it’s likely to be higher interest rates for the foreseeable future.

AUD EXCHANGE RATES:

AUD/USD – 0.7293

AUD/GBP – 0.5716

AUD/EUR – 0.6373

AUD/NZD – 1.1002

AUD/JPY – 80.629

USD/BTC – $6,483

OTHER MARKETS: 

All Ords (XAO) – 6,426

Gold – A$1,618/oz

Silver –  A$20.19/oz

WTI – US$65.14/barrel

DATA RELEASES TODAY:

No data.

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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