Compass Global Markets' Blog

Market Update - 5th Feb 2020 - AUD Rallies With Equities As Coronavirus Fears Ease

Posted by Patrick Downes on February 5, 2020 at 10:20 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.

Equities & AUD Rally:

The Aussie Dollar has rallied with equities overnight following a sell off which lasted most of last week and saw the AUD/USD wholesale exchange drop from 0.6850 down to a low of 0.6677. Today we're in better shape around the 0.6700 figure and if coronavirus fears ease then we may see a sustained rally through the week. Equities across Europe and the U.S performed particularly well bouncing back around 1.5-2% with stock futures trading suggesting perhaps another good night ahead. Our local market is tipped to open nearly 1% higher.

Other than that there is not a great deal further to add. So just a short one from me today. Expect more consistent morning market updates from me as I'm back from a longish hiatus overseas.

AUD EXCHANGE RATES:

AUD/USD – 0.6708

AUD/GBP – 0.5140

AUD/EUR – 0.6069

AUD/NZD – 1.0340

AUD/JPY – 73.464

OTHER MARKETS:

All Ords (XAO) – 7,047

Gold – A$2,304/oz

Silver –  A$26.13/oz

WTI – US$49.66 barrel

DATA RELEASES TODAY:

AUD - RBA Gov. Lowe speaks at 12.30pm

USD – ADP Prelim Jobs Number at 12.15am

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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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