Market Update – 20th November 2019 – AUD Flat Through Week, FOMC Minutes Due

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 Flat Start:

The AUD has started the week flat, with AUD/USD trading in a tight range between 0.6780 and 0.6820 since Monday. The welcome stability follows last week where we saw AUD/USD fall around 100 points amid poor economic data, namely weak employment data and flat wages growth. The poor data last week likely sets us up for further rates cuts over the next 12 months, with many economists tipping we’ll see two more cuts from the RBA which would take our official bench mark interest rate close to zero.

I took a look at bank short term forecasts yesterday and the overwhelming consensus appears to be to expect ‘more of the same’ with consensus forecasts ranging from around 0.6600 to 0.6900, right now we’re comfortably in that range and we have been since July.

FOMC Minutes Due: 

No local data is due out today, however FOMC minutes from the latest U.S Fed meeting are due out at 6.00am tomorrow morning. As is customary, volatility is likely to accompany the release of the minutes.


AUD/USD – 0.6796

AUD/GBP – 0.5250

AUD/EUR – 0.6131

AUD/NZD – 1.0586

AUD/JPY – 73.789


All Ords (XAO) – 6,914

Gold – A$2,156/oz

Silver –  A$25.11/oz

WTI – US$55.32 barrel


USD – FOMC Meeting Minutes due at 6.00am (tomorrow morning)

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 



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