Compass Global Markets' Blog

Market Update - 17th January 2019 - Metals, Energy Prices & Equities Move Higher, AUD/USD Retreats 0.5%

Posted by Patrick Downes on January 17, 2019 at 9:04 AM

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.

Despite a solid session overnight in which both metals & energy prices and overseas equities moved higher, the AUD starts the day around half a percent lower (than this time yesterday) vs. the Greenback and Pound and around a third of a percent lower vs. the Euro. Metals were led higher higher by copper and zinc, while the Dow was the best performing major index overnight, finishing up around 0.6%.

Brexit Latest: 

In the U.K Theresa May survived a no confidence vote which means U.K parliament will head back into cross-bench Brexit talks in a bid to come up with a deal that will satisfy both U.K politicians and their European counterparts. This story keeps twisting and turning and so its prudent to expect increased volatility in all the GBP crosses including AUD/GBP. As a rough guide AUD/GBP has traded between 0.5450 and 0.5680 just this month, expect more of the same until a definite conclusion to this saga transpires.

G20 Rumblings: 

G20 meetings happening in Tokyo today - these meetings can provide positive news but it's all about substance rather than quantity. Perhaps G20 nations will discuss some coordinated effort to reinvigorate global growth? Watch this space.

AUD EXCHANGE RATES:

AUD/USD – 0.7133

AUD/GBP – 0.5534

AUD/EUR – 0.6261

AUD/NZD – 1.0544

AUD/JPY – 77.936

USD/BTC – $3,578

OTHER MARKETS:

All Ords (XAO) – 5,893

Gold – A$1,804/oz

Silver –  A$21.75/oz

WTI – US$52.61/barrel

DATA RELEASES TODAY:

All - G20 Meetings


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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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 DISCLOSURE AND DISCLAIMER - GENERAL ADVICE WARNING
The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
This report is provided for Australian residents only and is not intended for use by residents of any other country.

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