I didn't have time to write a report late last week as we had annual compliance training in Sydney - however the good news is that over the weekend we've had the double whammy of good news of 1) the U.S Federal Reserve likely to slow it's pace of interest rate hikes and 2) at the G20, China and the U.S have agreed to a 90 day truce to their trade war in hopes of coming to an agreement in that time on their varied trade disputes.
As a result of this news over the weekend, the AUD has shot up quite dramatically across the board, while gains are also expected across the commodities and equities space. The ASX200 is anticipated to open around half a percent higher, while AUD/USD is up nearly 1% in early trade. Commodity prices could be the biggest benefactor of the weekends news with rallies in iron ore, copper and zinc all likely over the course of the week, all of these things will be very bullish for the AUD.
Economic data out today and tonight include some local AU data in building approvals and job ads, while tonight we see ISM manufacturing numbers out of the U.S.
AUD EXCHANGE RATES:
AUD/USD – 0.7346
AUD/GBP – 0.5736
AUD/EUR – 0.6463
AUD/NZD – 1.0635
AUD/JPY – 83.603
USD/BTC – $4,144
All Ords (XAO) – 5,749
Gold – A$1,655/oz
Silver – A$19.22/oz
WTI – US$50.71/barrel
DATA RELEASES TODAY:
AUD - Building Approvals m/m at 11.30am
AUD - ANZ Job Advertisements m/m at 11.30am
USD - ISM Manufacturing PMI at 2.00am