Compass Global Markets' Blog

Market Update - 18th January 2019 - Easing Trade Tensions See AUD, Metals & Commodities Rise

Posted by Patrick Downes on January 18, 2019 at 8:26 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.

AUD Movements:

The only detractor overnight was AUD/GBP, with the other AUD crosses moving higher in unison with U.S stocks and metals prices. AUD/USD and AUD/JPY surged around half a percent, while AUD/EUR and AUD/NZD were up a little less, at 0.3%. U.S stocks along with Zinc and Iron ore both gained as a new report suggested Trump insiders were pushing hard for a resolution to trade tensions with China which have persisted for nearly one year. U.S stocks were up on average 0.7% at the close.

2nd Brexit Referendum Discussed:

The Pound rose overnight as deliberations in Parliament suggested a second referendum could be on the cards and held within a year. With all the toing and froing and change of hard of many past Brexit voters it would seem that any second vote would result in a no Brexit conclusion and a return to some normalcy for the U.K after two and a half years in the wilderness. If you're a budding currency trader a long GBP trade could be quite a good trade during 2019.

U.K retail sales data is out tonight, while Day 2 of G20 meetings continue.

AUD EXCHANGE RATES:

AUD/USD – 0.7160

AUD/GBP – 0.5505

AUD/EUR – 0.6281

AUD/NZD – 1.0603

AUD/JPY – 78.205

USD/BTC – $3,617

OTHER MARKETS:

All Ords (XAO) – 5,909

Gold – A$1,797/oz

Silver –  A$21.59/oz

WTI – US$52.48/barrel

DATA RELEASES TODAY:

All - G20 Meetings

GBP - Retail Sales at 8.30pm


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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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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.
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