Market Update – 27th August 2018 – A New Prime Minister But Same Old Aussie Dollar

For those of you who didn’t read or view the news over the weekend – we now have a new Prime Minister. That’s right, Malcolm Turnbull is out and Scott Morrison is in and whether you like him or not he’s here until at least the next election – which probably won’t be until early next year.

What has the leadership struggle within the Liberal Party of Australia done for the Aussie? Very little is the simple answer. AUD/USD started last week around 0.7300 and despite the leadership spills, and all the associated turmoil AUD/USD finished the week more or less in the same position just above the 0.7300 level.

Aussie equities are set to open higher this morning thanks to a strong finish in the U.S and Europe on Friday evening, while commodities markets, specifically metals prices performed very well with Copper back above US$6,000 a tonne. Copper is seen as the bellwether off metals prices and when it performs so too does other metals and by default the AUD.

No economic data is out today.


AUD/USD – 0.7301

AUD/GBP – 0.5673

AUD/EUR – 0.6275

AUD/NZD – 1.0911

AUD/JPY – 81.278

USD/BTC – $6,641


All Ords (XAO) – 6,357

Gold – A$1,646/oz

Silver –  A$20.26/oz

WTI – US$68.53/barrel



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 




Leave a Reply

Your email address will not be published.