Compass Global Markets' Blog

Market Update - 8th January 2018 - AUD Moves Higher With Wall Street

Posted by Patrick Downes on January 8, 2019 at 8:32 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.

The AUD was up across the board overnight, with the exception of AUD/EUR as risk assets followed the bullish lead of U.S equities which ended the session higher. The Nasdaq was the best performer up 1.26% even though U.S ISM Non-Manufacturing PMI expanded at a slower pace than anticipated - it would appear trade tensions remain the key determinant factor for traders at this point in time; and while progress is slow it appears we're heading in the right direction.

Local Aussie Trade Balance figures and ANZ Jobs ads numbers are out this morning; how much of an impact this data has on the AUD this morning really depends on how the eventual numbers compare to the forecasts, but it's safe to say jobs growth has been strong and should continue that trend, while our trade balance number (the difference between imported and exported goods) should continue to grow thanks to greater exports as a result of the low AUD. It's important to add that while a low AUD is bad for importers it's fantastic for our major exporters and provides a real boost to GDP, which may be needed this year if the housing market continues to deteriorate.

AUD EXCHANGE RATES:

AUD/USD – 0.7115

AUD/GBP – 0.5564

AUD/EUR – 0.6196

AUD/NZD – 1.0548

AUD/JPY – 77.351

USD/BTC – $3,990

OTHER MARKETS:

All Ords (XAO) – 5,744

Gold – A$1,803/oz

Silver –  A$21.90/oz

WTI – US$48.88/barrel

DATA RELEASES TODAY:

AUD - Trade Balance & ANZ Job Ads at 11.30am


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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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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.
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