Market Update – 26th July 2019 – Stocks Slide, AUD & Commodities Follow

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.

Risk Assets Sold Off:

U.S and European stocks declined overnight, while the AUD and commodities were also on the back foot as global growth concerns and poor company reporting out of the U.S caused some investors to head for the sidelines. One of the biggest disappointments again was Tesla, which continues to whipsaw back and forth as the company moves each quarter from loss to profit and then back to loss – the Tesla stock price fell 14% overnight following poor results.

AUD Off 2% Vs. Greenback:

The Aussie Dollar which had started to build a bit of stability up above 0.7000 vs the Greenback, is now not looking so stable and is off around 2% from this time last Friday. AUD/EUR has fared a little better only off 1% since last week. No local economic data is due out today, however it looks like Aussie equities will open around 0.35% lower this morning. U.S GDP numbers are due at 10.30pm and expectations are we’ll see growth in the vicinity of 1.8% annualized.

AUD EXCHANGE RATES:

AUD/USD – 0.6922

AUD/GBP – 0.5551

AUD/EUR – 0.6205

AUD/NZD – 1.0406

AUD/JPY – 75.228

OTHER MARKETS:

All Ords (XAO) – 6,901

Gold – A$2,034/oz

Silver –  A$23.61/oz

WTI – US$56.00/barrel

DATA RELEASES TODAY:

USD – Advance GDP q/q at 10.30pm

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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