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 Range Trades:
The AUD consolidated gains last week holding on to a rally which saw AUD/USD move from 0.5505 to around 0.6200 two weeks ago. Generally speaking the AUD gains the past week have coincided with rallying stock markets globally and optimism that there is light at the end of the corona virus tunnel we find ourselves in. Early indications this morning suggest more bullish momentum for the AUD and equities, with the local market set to open as much as 2.5% higher this morning.
U.S Job Losses Skyrocket:
No surprises here – but we saw a massive jump in U.S job losses with the latest non-farm employment figures out of the U.S showing a whopping 700,000 Americans lost their jobs in the month of March. That number is expected to be dwarfed by Aprils losses which we will see the First Friday of next month. Trump’s stimulus plan should offset some of the hurt, however U.S Covid-19 cases continue to grow exponentially and there really is no end in sight at this moment.
It’s a Chinese bank holiday today as such no payments will be processed in China today, with money ordinarily received today, likely to credit tomorrow.
AUD EXCHANGE RATES:
AUD/USD – 0.5970
AUD/GBP – 0.4867
AUD/EUR – 0.5516
AUD/NZD – 1.0202
AUD/JPY – 64.704
All Ords (XAO) – 5,106
Gold – A$2,687/oz
Silver – A$23.89/oz
WTI – US$27.91 barrel
DATA RELEASES TODAY:
Bank Holiday in China
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
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