Market Update – 21st May 2019 – AUD Edges Higher, RBA Minutes Due At 11.30am

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 Edges Higher:

The AUD has edged higher across the board despite a sell off in both U.S and European equities overnight. The Dow Jones was the best performer managing to lose only 0.33%, while the NASDAQ took the brunt of the losses off nearly 1.5%; a similar story in Europe with stocks down between 0.5% and 1.6%. AUD/USD continues to hover around the 0.6900 figure, while AUD/GBP may come under further pressure tonight with the release of UK inflation hearings at 6.30pm.

The Don’s trade war with China is persisting as front page news in the financial press with the latest reports suggesting an escalation. China appears completely unwilling to go down without a fight in what it sees as unfair tariffs on its exports to the U.S. Locally, Trump is feeling the hurt too with some of the U.S’s largest businesses including Nike and Adidas writing open letters criticising his trade war and tariffs.

RBA Minutes Due:

RBA Monetary Policy Minutes are due out this morning at 11.30am. The RBA left rates on hold at 1.5% earlier in the month citing spare capacity in the economy and improvement in the labour market, however these latest monetary policy minutes should give us a bit more depth and colour around their thought process and perhaps also a hint on the next rate move. The AUD remains entrenched under 0.7000 and it will take quite a reversal in fortunes for this to change.


AUD/USD – 0.6879

AUD/GBP – 0.5401

AUD/EUR – 0.6154

AUD/NZD – 1.0538

AUD/JPY – 75.756


All Ords (XAO) – 6,564

Gold – A$1,849/oz

Silver –  A$20.94/oz

WTI – US$63.28/barrel


AUD – Monetary Policy Meeting Minutes at 11.30am

GBP – Inflation Report Hearings at 6.30pm

Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.



Patrick's Signature-802090-edited.jpg

Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 



The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
This report is provided for Australian residents only and is not intended for use by residents of any other country.

Leave a Reply

Your email address will not be published.