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.
Good morning all. I’ve been a little slack and irregular of late with my morning reports, managing to get maybe one or two out per week recently. I blame Covid disruptions for the lack of consistency and have set a goal to put out a report on a more consistent basis, perhaps every second business day, as a minimum.
Markets fell across both Europe and the U.S overnight following a weak lead from Asian stocks yesterday. U.S stock indices dipped as much as 1.51%, with the Dow the worst performer, while in Europe the UK FTSE led the declines down 1.53% at the close. The falls across equity markets not surprisingly rubbed off on the AUD, with AUD/USD again failing to push through 0.7000 which has become a key level of resistance. AUD/USD is now down around 1% from yesterdays highs. It’s a similar story for AUD/GBP which is down 1%, while the Aussie has held it’s ground vs. the EURO.
No economic data is due out today, as such Covid news flow is again likely to guide markets. The shutting down of the Victorian economy for a second time is likely to be a drag on the ASX today as news filters through and market participants tread cautiously.
AUD EXCHANGE RATES:
AUD/USD – 0.6911
AUD/GBP – 0.5504
AUD/EUR – 0.6130
AUD/NZD – 1.0576
AUD/JPY – 74.377
All Ords (XAO) – 6,126
Gold – A$2,583/oz
Silver – A$26.28/oz
Oil – US$40.42 barrel
DATA RELEASES TODAY:
No economic data
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Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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