The Aussie Dollar slide has unfortunately continued unabated over the weekend, with falls seen across the board as a result of renewed fears trade tariffs are taking their toll on the global economy’s prospects. European equities and commodities also performed poorly in the last session of trade on Friday evening, while U.S markets finished the week mixed.
Aussie economic data this morning could provide some impetus for an AUD rebound today. Data out includes retail sales, company operating profits and ANZ jobs ads – all out at 11.30am this morning. Expectations are for retail sales growth to remain weak but still positive, with 0.3% growth forecast for the month. Quarterly company operating profits should also remain positive – economists are estimating 1.4% growth in quarterly profits.
A broader look at things and we see the same macro economic factors playing out which include the Trump/China trade war, the U.S Federal Reserves next move on interest rates, weaker commodities prices and generally lower risk sentiment/tolerance at the moment. Some finality with respect to Trump’ incessant call for trade wars should provide a welcome relief to market, but/if when this happens is anyone’s guess.
AUD EXCHANGE RATES:
AUD/USD – 0.7161
AUD/GBP – 0.5531
AUD/EUR – 0.6166
AUD/NZD – 1.0851
AUD/JPY – 79.614
USD/BTC – $7,251
All Ords (XAO) – 6,427
Gold – A$1,669/oz
Silver – A$20.21/oz
WTI – US$69.72/barrel
DATA RELEASES TODAY:
AUD – Retail Sales and ANZ Job Ads at 11.30am
GBP – Manufacturing PMI at 6.30pm
USD & CAD – Bank Holidays (expect payment delays of one day)
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632