Compass Global Markets' Blog

Market Update - 6th December 2019 - AUD Declines, Stocks Mixed As Markets Enter Weekend

Posted by Patrick Downes on December 6, 2019 at 9:12 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 Declines:

The Aussie Dollar has declined over night, losing ground against all the majors but particularly against the Pound where we're off close to 2% since my last market update on Wednesday. AUD/USD has not broken out of the 6670-6920 range within which we've been hovering for the better part of 4 months and it's looking likely we will stay here for longer.

Stocks Mixed:

U.S stocks edged higher overnight while European equities lost ground to the tune of between 0.3-0.7%. Stock markets continue to be most at risk to risk aversion and sell off's as trade negotiations look likely to enter a third year. I still remember Donald Trump's words all the way back in March 2018 - "Trade wars are good and easy to win" - if only he was right....

Non-Farms Due:

U.S non-farm employment numbers are due tonight - 12.30am to be more specific. Expectations are for another strong jobs number in the realm of around 181K new jobs created, while U.S unemployment is tipped to stay tied to 3.6% with wages growth around 0.3% for the month. Wages growth have been improving over the past few years but remain weak compared to pre-GFC levels.

AUD EXCHANGE RATES:

AUD/USD – 0.6800

AUD/GBP – 0.5160

AUD/EUR – 0.6121

AUD/NZD – 1.0402

AUD/JPY – 74.000

OTHER MARKETS:

All Ords (XAO) – 6,791

Gold – A$2,160/oz

Silver –  A$24.82/oz

WTI – US$58.27 barrel

DATA RELEASES TODAY:

USD - Non-Farm Employment Change at 12.30am (tomorrow morning)

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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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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