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.
Holidays in the U.S and UK:
Bank holidays in the U.S and U.K tonight mean trade will be thin. The U.K celebrates the Spring Break Holiday while in the U.S, it's Memorial Day. Both U.S and U.K equity markets will be closed for the long weekend however currencies will continue to trade on lighter volume. News flow over the weekend appears to have shifted away from coronavirus and back on to Hong Kong with a flare up in tensions occurring again as a result of a new Chinese security law which is being called a “comprehensive assault” on Hong Kong's rights and freedoms.
The Aussie Dollar has remained steady versus the Greenback and Euro but added around a half a percent versus the Pound as the U.K continues to struggle to contain new Covid19 cases. The U.K has done a little better than the U.S however poor leadership and populist candidates seems to be both countries Achilles heal at this stage.
Our economy though is expected to dramatically open up over the next month with restrictions slowly being lifted right across the country. All of this is bullish for the AUD and the economy more generally. Australia has kept testing levels high and that's what it giving our leaders more confidence to lift those restrictions put in place in March.
AUD EXCHANGE RATES:
AUD/USD – 0.6508
AUD/GBP – 0.5336
AUD/EUR – 0.5965
AUD/NZD – 1.0669
AUD/JPY – 70.098
All Ords (XAO) – 5,608
Gold – A$2,648/oz
Silver – A$26.22/oz
Oil – US$33.08 barrel
DATA RELEASES TODAY:
USD & GBP - Bank Holidays in the U.S and UK
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