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AUD grinding higher

Published October 16, 2018

Author: Dennis Li

The USD dropped on weaker-than-expected US retail sales data for September coming in at 0.1% compared to expectations of 0.7%, we saw the AUD edge up 0.3% against the USD, 10yr treasury yields plateaued around 3.15%, UK and Italian yields also eased, letting the AUD firm against the GBP and EUR as Britain was unsuccessful to secure a Brexit deal on Monday ahead of the EU summit held later this week.

  • US retail sales in September struggled, a rebound in motor vehicle purchase was offset by the biggest drop in spending at restaurants and bars in nearly two years.
  • Major stock markets slipped on Monday, The S&P is holding following its biggest weekly retreat since March, Tech heavy Nasdaq also lower on threats of more tariffs and tensions between Saudi Arabia and the US continued to rise over the recent disappearance of a Saudi journalist from The Washington Post.
  • According to a statement from US Treasury Secretary Steven Mnuchin, the US federal government finished the 2018 fiscal year with a US$779 bln deficit as tax cuts hit revenues and the government paid more to service a growing national debt.
  • Italy’s cabinet approved the country’s expansionary 2019 budget bill and would send to the European Commission as planned before the midnight deadline on Monday, Prime Minister Giuseppe Conte said.