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AUD back under pressure

Published December 6, 2018

Author: Nicholas Cork

The dye was cast for the AUD once yesterday’s GDP print was below all expectations, pushing the currency back to 73 cents in our afternoon session.  A general risk-off theme overnight kept the AUD under pressure, and once the Bank of Canada surprised the market by pushing back their path of rate hikes, all three commodity currencies took a hit. The AUD was the worst performer in the last 24 hours falling 1% to be back towards 0.7250 this morning. Biggest gains were in the YEN on risk aversion flows and the GBP continued to trade on Brexit rumours. Trump continues to try and talk up the trade progress with China but the market does appear to be becoming enamoured to it, with Copper actually easing back to one week lows. US bond and equity markets were closed for a day of mourning hence the local markets can take no direction, however regional equity markets performed very well after the Wall Street routing on Tuesday evening.

Locally today in Australia sees October Trade data and Retail Sales. Last month Trade Balance was a surprise in its strength and the AUD saw a 100 point rally, so worth keeping an eye on things at 11.30 today. AUDcrosses are all lower this morning against the major currencies..