Market Update – 24th July 2019 – AUD Declines, But Stocks Still Surging

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 Declines:

The Aussie Dollar fell a further half percent vs. the USD & EUR overnight while the other crosses remain little changed. Stocks in the U.S and Europe also climbed perhaps supporting their local currencies and explaining the gains made overnight vs. the Aussie Dollar. The German DAX led the way up a whopping 1.6%, while in the U.S the gains were pretty much the same across the board with the major indices up 0.5%-0.6%.

French & German Data: 

French and German economic data is due out this evening from 5.15pm and includes both manufacturing and services PMI numbers for the latest month. Manufacturing data out of Germany and France of late has been less than desirable with declines or stagnant growth the norm. More of the same is expected.

Other than that there is not a great deal further to discuss, have a great day.

AUD EXCHANGE RATES:

AUD/USD – 0.6973

AUD/GBP – 0.5600

AUD/EUR – 0.6249

AUD/NZD – 1.0415

AUD/JPY – 75.498

OTHER MARKETS:

All Ords (XAO) – 6,812

Gold – A$2,023/oz

Silver –  A$23.42/oz

WTI – US$57.17/barrel

DATA RELEASES TODAY:

French & German Manufacturing & Services PMI from 5.15pm

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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