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Market Update

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

AUD dips ahead of employment data

Published October 18, 2018

Author: Dennis Li

After the minutes from the Fed’s September meeting affirmed expectations that the US central bank is likely to continue raising interest rates, we saw the AUD down by 0.46% against a strengthening USD, testing its support at 0.7100. The content of the minutes didn’t surprise and equities experienced only small dips still finding support from a buoyant earnings reporting season. Our local employment data released at 11:30 Sydney time this morning will hopefully provide some impetus for a move one way or another on the AUD but that would be unlikely unless there is a significant variation to the expected outcome. The cross rates too, continued to trade in a narrow range.

  • The UK’s inflation fell more than expected in September to a three-month low of 2.4%, down from 2.7%, which was largely driven by lower prices for food and non-alcoholic drinks.
  • The US is ranked as the most competitive economy for the first time in a decade according to the Global Competitiveness Report released by the World Economic Forum on Wednesday.
  • According to a senior EU government official, Italy’s 2019 budget may be rejected by the European Commission and credit rating downgrade is also possible.
  • Australian financial regulator APRA said on Wednesday top banking executives will be held to a higher standard of personal accountability under new rule introduced amid intense scrutiny of the scandal-hit sector.