Market Update – 21st November 2018 – Markets & Commodities Slide For a Second Day, AUD Continues To Be Dragged Down

Further declines across U.S and European equities overnight headline a rout across almost all markets as risk aversion once again takes a front seat. Traders sold down the AUD and commodities along with Bitcoin which slid a whopping 10% overnight following falls of about 15% the day before. U.S tech stocks seem to have been the catalyst for this most recent correction, while Trump’s outgoing trade war with China has weighed on global growth projections and asset prices all year.

AUD/USD which had started to look reasonably bullish on the charts last week is now looking less so, following the past couple of nights of selling. However, if there is one thing we do know about market sentiment it’s that it is a swing and tends to move back and forth with news flow. So it’s entirely conceivable at some point this week markets swing back the other one as they go ‘hang on, why are we selling when the fundamentals of growth are still in place, China, India and SE Asia are driving global growth and commodities are just starting to come out of a 5 year bear market’.

No economic data out today, but we do have U.S Core Durable Goods orders just after midnight.


AUD/USD – 0.7188

AUD/GBP – 0.5613

AUD/EUR – 0.6317

AUD/NZD – 1.0596

AUD/JPY – 81.091

USD/BTC – $4,329


All Ords (XAO) – 5,759

Gold – A$1,692/oz

Silver –  A$19.83/oz

WTI – US$53.24/barrel


USD – Core Durable Goods Orders m/m at 12.30am (tomorrow morning)

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 




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