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.
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.
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....
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
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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