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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

AUD back after China’s golden week

Published October 9, 2018

Author: Dennis Li

The AUD just edges higher this morning, USD gains were limited by a third day of losses on Wall Street. More importantly the AUD recovered some of it losses against the crosses from last week, up against the CAD and Euro after a spat between Italy and the EU over Rome’s budget plans while AUDCNH gained by 0.72% as Beijing’s move to spur more lending failed to ease concern about economic growth.

  • According to a senior US Treasury official on Monday, the US remains concerned about China’s recent currency depreciation and it was unclear whether Treasury Secretary Steven Mnuchin would meet with any Chinese officials at the International Monetary Fund and World Bank meetings this week.
  • China will increase export tax rebates from 1st November and quicken the export tax rebate payments to support foreign trade, the cabinet said on Monday.
  • Italian Deputy Prime Minister Matteo Salvini denounced European Commission President Jean-Claude Juncker and Economics Commissioner Pierre Moscovici as enemies of Europe on Monday and stressed that Italy would not cave in to market pressure and backtrack on its plan to increase deficit spending next year.
  • Investor morale in the euro zone fell more than expected in October, a survey showed on Monday, as concerns about Italy’s fiscal policies weighed on sentiment.