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.
Equities Edge Higher:
U.S equities eked out gains overnight despite starting the session strongly and appearing on the way to solid gains. Unfortunately though with markets still on egg shells those early gains weren't able to be held as news flow turned negative and debate continued about where the global economy is headed in 2019. European stocks fared a little worse finishing the session marginally lower with the U.K FTSE the worst performer down nearly 0.85%.
AUD Mixed In Overnight Trade:
The Aussie Dollar's performance was mixed with the local currency up vs. the Euro, Greenback and Yen but down around half a percent vs. the Pound and Kiwi. Local employment data is due out this morning at 11.30am with the release likely to be watched closely for signs of weakness in the only bright spot of the economy. The unemployment rate has been dropping since early 2015, whilst jobs growth has been particularly strong over the past couple of years. In fact the strong employment numbers probably coincide with a more robust mining sector and generally stronger commodities prices since early 2016. Expectations are that we'll see around 17K new jobs created and a steady unemployment rate at 5.1%.
Ahead this evening is European interest rates which are set by the European Central Bank, otherwise known as the ECB. No change to their policy of zero percent interest rates are expected.
AUD EXCHANGE RATES:
AUD/USD – 0.7111
AUD/GBP – 0.5430
AUD/EUR – 0.6243
AUD/NZD – 1.0489
AUD/JPY – 77.968
USD/BTC – $3,514
All Ords (XAO) – 5,908
Gold – A$1,796/oz
Silver – A$21.50/oz
WTI – US$52.68/barrel
DATA RELEASES TODAY:
AUD - Employment Change at 11.30am
EUR - ECB Press Conference & Interest Rate Decision at 11.45pm
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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632
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