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.
U.S & European stocks finished the overnight session mixed as Trump appeared to telegraph a completion to China/U.S trade talks while in the U.K and Europe Brexit talks continued without a resolution. At the close the Dow Jones was the best performer up 0.64%, while the biggest detractor was the U.K FTSE which finished 0.22% lower.
The AUD has had a busy week. AUD/USD specifically has traded between a low of 0.7050 and a high of 0.7130 thanks to a raft of data in which we’ve seen weak business confidence but stronger commodity prices, a spike in building approvals but still declining house prices. But the good news for importers perhaps is that the RBA at it’s latest meeting didn’t directly telegraph any rates cuts this year from the current 1.5% benchmark, this should keep the AUD supported around current levels. Ofcourse, further equities market turmoil in the U.S, Europe or elsewhere could jolt that calm and see the AUD lower, as such importers needing to hedge their 2019 USD, EUR and GBP exposures would be wise to do so.
U.S Non-Farm employment or just employment numbers are due out this evening. The U.S unemployment rate is expected to remain steady at 3.8%, with about 175,000 jobs created.
Other than that not much further data out today, have a great weekend.
AUD EXCHANGE RATES:
AUD/USD – 0.7080
AUD/GBP – 0.5403
AUD/EUR – 0.6307
AUD/NZD – 1.0490
AUD/JPY – 79.089
All Ords (XAO) – 6,320
Gold – A$1,816/oz
Silver – A$21.30/oz
WTI – US$62.21/barrel
DATA RELEASES TODAY:
USD – Non-Farm Employment and Unemployment Rate at 11.30pm
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