Compass Global Markets' Blog

Market Update - 6th April 2020 - AUD Consolidated Gains, U.S Job Losses Skyrocket

Posted by Patrick Downes on April 6, 2020 at 8:54 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 Range Trades:

The AUD consolidated gains last week holding on to a rally which saw AUD/USD move from 0.5505 to around 0.6200 two weeks ago.  Generally speaking the AUD gains the past week have coincided with rallying stock markets globally and optimism that there is light at the end of the corona virus tunnel we find ourselves in. Early indications this morning suggest more bullish momentum for the AUD and equities, with the local market set to open as much as 2.5% higher this morning.

U.S Job Losses Skyrocket:

No surprises here - but we saw a massive jump in U.S job losses with the latest non-farm employment figures out of the U.S showing a whopping 700,000 Americans lost their jobs in the month of March. That number is expected to be dwarfed by Aprils losses which we will see the First Friday of next month. Trump's stimulus plan should offset some of the hurt, however U.S Covid-19 cases continue to grow exponentially and there really is no end in sight at this moment.

It's a Chinese bank holiday today as such no payments will be processed in China today, with money ordinarily received today, likely to credit tomorrow.

AUD EXCHANGE RATES:

AUD/USD – 0.5970

AUD/GBP – 0.4867

AUD/EUR – 0.5516

AUD/NZD – 1.0202

AUD/JPY – 64.704

OTHER MARKETS:

All Ords (XAO) – 5,106

Gold – A$2,687/oz

Silver –  A$23.89/oz

WTI – US$27.91 barrel

DATA RELEASES TODAY:

Bank Holiday in China

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Patrick's Signature-802090-edited.jpg

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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