Market Update – 21st May 2018 – Trump/China End Trade War, Stocks Set To Open Higher

No economic data out on Friday or Friday evening, as such the Aussie dollar is little changed. Probably the big news over the weekend is that Trump’s trade war has come to a sudden end with the big orange man backing down amid China’s willingness to shoot back with gusto on any tariffs imposed by the Trump administration. Essentially it turns out that China has “agreed” to significantly increase it’s imports from the U.S but no figures or numbers have been agreed to or supplied by either party. As such it’s probably business as usual and life goes on.

U.S and European equities performed poorly on Friday evening however the news of Trump’s tariffs capitulation has sent stock futures higher, with the Dow and S&P500 set to open nearly 1% higher when markets open later this evening in the U.S.

AUD EXCHANGE RATES:

AUD/USD – 0.7523

AUD/GBP – 0.5579

AUD/EUR – 0.6390

AUD/NZD – 1.0858

AUD/JPY – 83.375

USD/BTC – $8,508

OTHER MARKETS: 

All Ords (XAO) – 6,190

Gold – A$1717/oz

Silver –  A$21.87/oz

WTI – US$71.69/barrel

DATA RELEASES TODAY:

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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