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.
The AUD was up across the board overnight, with the exception of AUD/EUR as risk assets followed the bullish lead of U.S equities which ended the session higher. The Nasdaq was the best performer up 1.26% even though U.S ISM Non-Manufacturing PMI expanded at a slower pace than anticipated - it would appear trade tensions remain the key determinant factor for traders at this point in time; and while progress is slow it appears we're heading in the right direction.
Local Aussie Trade Balance figures and ANZ Jobs ads numbers are out this morning; how much of an impact this data has on the AUD this morning really depends on how the eventual numbers compare to the forecasts, but it's safe to say jobs growth has been strong and should continue that trend, while our trade balance number (the difference between imported and exported goods) should continue to grow thanks to greater exports as a result of the low AUD. It's important to add that while a low AUD is bad for importers it's fantastic for our major exporters and provides a real boost to GDP, which may be needed this year if the housing market continues to deteriorate.
AUD EXCHANGE RATES:
AUD/USD – 0.7115
AUD/GBP – 0.5564
AUD/EUR – 0.6196
AUD/NZD – 1.0548
AUD/JPY – 77.351
USD/BTC – $3,990
All Ords (XAO) – 5,744
Gold – A$1,803/oz
Silver – A$21.90/oz
WTI – US$48.88/barrel
DATA RELEASES TODAY:
AUD - Trade Balance & ANZ Job Ads at 11.30am
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Phone Patrick - 0431 278 632
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