Market Update – 29th June 2018 – June Tough Month For The Aussie Dollar and Commodities

Choppy equity markets, faltering commodities prices, trade war threats, risk-on and risk-off sum up much of the month of June, a month in which the Aussie Dollar fell almost three cents (4%) vs. the Greenback, two cents (3.5%) vs. the Euro and roughly 100 points or 2% vs. the Pound. In many respects it’s probably also a month we’d prefer to quickly move on from.

In news overnight equities rallied in the U.S as U.S GDP came in a little below expectations perhaps pushing back fears the Federal Reserve may increase interest rates too quickly, while commodities prices made some gains again following a pretty poor month – iron ore was up 1% to almost US$65 a tonne for the benchmark 62% iron ore fines.

Other than that not much happening, but please if you’re looking to take advantage of the small business instant asset write-off you’ll need to make payments today as today is the last trading day of the 2017/18 financial year. Please speak with you accountant or bookkeeper for more details on the Governments small business instant asset write off.

AUD EXCHANGE RATES:

AUD/USD – 0.7345

AUD/GBP – 0.5617

AUD/EUR – 0.6352

AUD/NZD – 1.088

AUD/JPY – 81.175

USD/BTC – $5,923

OTHER MARKETS: 

All Ords (XAO) – 6,305

Gold – A$1,698/oz

Silver –  A$21.78/oz

WTI – US$72.77/barrel

DATA RELEASES TODAY:

No economic data

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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