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AUD breaks through 0.7300 on Trump’s comment

Published November 19, 2018

Author: Dennis Li

Over the weekend we saw the AUD jump by 1.2%, breaking through 0.7300 against the USD following Trump’s Friday comment that he may not impose more tariffs on Chinese goods. However, the opposite stance on the US-China trade dispute from US Vice President Pence at an Asia Pacific Economic Co-operation (APEC) summit has cast a shadow over the meeting between Trump and Xi at the G20 summit in Argentina by the end of this month.

  • Given the deep division between the US and China over trade and investment, the APEC summit ended on Sunday for the first time in its history without a formal leaders’ statement.
  • Ireland’s prime minister said on Friday it would be inevitable to impose a hard border on Northern Ireland if Britain ends up with a no-deal Brexit.
  • According to the EU statistics agency on last Friday, Euro zone inflation rose in October at its fastest pace in nearly 6 years, driven by energy prices.
  • Australian’s trade minister said translation issues were behind the delay of a billion-dollar free trade agreement with Indonesia, downplaying friction between the countries over Australian’s possible Jerusalem embassy.

With a relatively quiet data week ahead, besides the RBA minutes to be released tomorrow investors will also need to keep close eyes on the development of the Sino-US trade friction before the G20 summit next week.