Market Update – 3rd April 2019 – RBA Leave Rates On Hold At 1.5%

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.

Not a great deal to report on today, however I have noticed that on yesterdays Morning Report I included the date as the 4th of April 2019. I must have been half asleep, as it was clearly the 2nd.

RBA Meeting:

Anyhow, the RBA met yesterday and surprise surprise…they did nothing yet again leaving rates on hold at 1.5% for a 29th consecutive month. The RBA noted that “further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual.” This to me sounds like steady as she goes and don’t expect any rate cuts from the RBA, however the fall in the AUD since the announcement suggests the opposite.

Good news yesterday was that U.S manufacturing data improved, following the lead of China’s improvements on Monday. Stocks in the U.S finished mixed, while European equities powered ahead.

AUD EXCHANGE RATES:

AUD/USD – 0.7037

AUD/GBP – 0.5352

AUD/EUR – 0.6278

AUD/NZD – 1.0431

AUD/JPY – 78.400

OTHER MARKETS:

All Ords (XAO) – 6,327

Gold – A$1,827/oz

Silver –  A$21.38/oz

WTI – US$62.60/barrel

DATA RELEASES TODAY:

AUD – Retail Sales m/m at 11.30am

AUD – Trade Balance at 11.30am

USD – ADP Non-Farm Employment Change at 11.15pm

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 

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