Compass Global Markets' Blog

Market Update - 8th July 2020 - Equities & AUD Slide As Victoria Enters A Second Lockdown

Posted by Patrick Downes on July 8, 2020 at 8:22 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.

Good morning all. I've been a little slack and irregular of late with my morning reports, managing to get maybe one or two out per week recently. I blame Covid disruptions for the lack of consistency and have set a goal to put out a report on a more consistent basis, perhaps every second business day, as a minimum.

Equities Slide:

Markets fell across both Europe and the U.S overnight following a weak lead from Asian stocks yesterday. U.S stock indices dipped as much as 1.51%, with the Dow the worst performer, while in Europe the UK FTSE led the declines down 1.53% at the close. The falls across equity markets not surprisingly rubbed off on the AUD, with AUD/USD again failing to push through 0.7000 which has become a key level of resistance. AUD/USD is now down around 1% from yesterdays highs. It's a similar story for AUD/GBP which is down 1%, while the Aussie has held it's ground vs. the EURO.

No economic data is due out today, as such Covid news flow is again likely to guide markets. The shutting down of the Victorian economy for a second time is likely to be a drag on the ASX today as news filters through and market participants tread cautiously.

AUD EXCHANGE RATES:

AUD/USD – 0.6911

AUD/GBP – 0.5504

AUD/EUR – 0.6130

AUD/NZD – 1.0576

AUD/JPY – 74.377

OTHER MARKETS:

All Ords (XAO) – 6,126

Gold – A$2,583/oz

Silver –  A$26.28/oz

Oil – US$40.42 barrel

DATA RELEASES TODAY:

No economic data

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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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