Market Update – 30th March 2020 – AUD Continues Good Run, Pushing Through 0.6100 Vs. Greenback

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 Continues Good Run:

The Aussie Dollar has continued it’s good run over the weekend. AUD/USD added a cent or so since since Friday afternoon, and extended it’s gain to around six cents since we hit lows of 0.5505 on the 19th of March. The Aussie Dollar has form with a really bullish move playing out post GFC, when AUD/USD rallied from a low of 0.6000 in November 2008 to nearly 1.1200 by mid 2011. Whether we see the same pattern emerge remains to be seen, but if we can get through #Covid19 reasonably unscathed then there is cause for optimism. Initial data from our social distancing is positive and shows a slowing/stalling in the number of new infections, i.e. they are no longer growing exponentially. Additionally most cases are still being driven by returning residents from overseas as opposed to community transmission.

Stocks Sell Off:

U.S stocks sold off on Friday, no surprises here as no one wants to hold positions into the weekend at the moment. I cut most of my equity positions around lunchtime Friday as the ASX looked like it was turning negative.

When the stocks that have been on a tear fail to make new highs in a bullish market (which Monday morning was) then that’s a good sign that momentum is shifting and it’s perhaps worth exiting positions. So in the end the ASX lost around 5% on Friday afternoon, in line with the losses on U.S indexes Friday night. Local stocks are likely to open lower this morning.


AUD/USD – 0.6110

AUD/GBP – 0.4903

AUD/EUR – 0.5487

AUD/NZD – 1.0158

AUD/JPY – 65.755


All Ords (XAO) – 4,874

Gold – A$2,653/oz

Silver –  A$23.56/oz

WTI – US$22.82 barrel


No data.

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 



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