Compass Global Markets' Blog

Market Update - 22nd November 2019 - AUD Drifts Lower With Equities As Traders Reassess

Posted by Patrick Downes on November 22, 2019 at 8:41 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 Drifts Lower:

Stocks dipped across Europe and the U.S and the Aussie fell overnight as sea-sawing trade negotiations between the WH and China and a damning impeachment inquiry caused investors to reassess their positions leading into the weekend. AUD/USD and the other AUD crosses are all down over half a percent while the Australian All Ords Index has crumbled 120 points or nearly 2% since Wednesday morning, but is tipped to open half a percent higher this morning.

Manufacturing and Services Data:

Economic data due out today consists mainly of manufacturing and services PMI data out of Europe and also locally, however our manufacturing and services data doesn't tend to be a market mover. As a large manufacturing hub driven by German, France and the UK, this European data though provides a real insight into the health of the European economy as such it'll be watched closely this evening. Expectations are for marginal improvement across all metrics tonight which could provide a boost for European stock markets.

AUD EXCHANGE RATES:

AUD/USD – 0.6756

AUD/GBP – 0.5227

AUD/EUR – 0.6103

AUD/NZD – 1.0564

AUD/JPY – 73.411

OTHER MARKETS:

All Ords (XAO) – 6,777

Gold – A$2,158/oz

Silver –  A$25.21/oz

WTI – US$58.32 barrel

DATA RELEASES TODAY:

EUR - German Flash Manufacturing and Services PMI at 7.30pm

GBP - Flash Manufacturing and Services PMI 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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 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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