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 & Equities:
The Aussie Dollar and Equities have shown a degree of resilience over the past few days which I wasn't expecting. A fresh outbreak of Covid19 at a seafood market in Beijing had all the hallmarks of creating another risk off scenario and subsequent savaging of markets. However, traders have become pretty thick skinned recently and both the AUD and equities are holding ground reasonably well. In addition it looks like the Chinese Centre for Disease Control has already locked down the latest outbreak in Beijing which is great news.
AUD/USD is trading above 0.6800 this morning, with the high being 0.7050 set around a week ago. It's a similar picture with AUD/GBP and AUD/EUR which are both only marginally off their recent highs set earlier this month.
Equity markets fell in Europe overnight, while U.S indices were mixed. The Nasdaq was the best performer up 0.33%, while the Dow was off 40 points or 0.15%. Our local market is tipped to open around 0.6% higher this morning.
AUD EXCHANGE RATES:
AUD/USD – 0.6805
AUD/GBP – 0.5481
AUD/EUR – 0.6077
AUD/NZD – 1.0624
AUD/JPY – 72.911
All Ords (XAO) – 6,051
Gold – A$2,513/oz
Silver – A$25.36/oz
Oil – US$38.99 barrel
DATA RELEASES TODAY:
EUR – EU Economic Summit
CAD – Core Retail Sales m/m at 10.30pm
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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632
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