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Market Update

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

AUD holds 0.73 ahead of G20 summit

Published November 30, 2018

Author: Dennis Li

Ahead of today’s  G20 summit the AUD has held above 0.7300.

Crude oil rebounded by more than 2%, after industry sources said Russia accepted the need to cut production.

Whilst Saturday’s G20 dinner between President Trump and Xi Jinping has been the main focus for Market , investors will likely keep a close eye on any potential reforms of the World Trade Organisation and  what the revised North American trade agreement will look like.

  • US President Trump said on Thursday that an agreement was close but he was not sure he wanted one, sending mixed signals about the prospects for a trade deal with China.
  • According to the US Fed’s November meeting minutes released overnight, almost all Federal Reserve officials agreed another interest rate increase was ‘likely to be warranted fairly soon’, but also opened debate on when to pause further hikes.
  • According to an EU official on Thursday, EU governments’ representatives backed a disciplinary move against Italy over its debt after signs of compromise were emerging from Rome.
  • Data released overnight showed that Inflation in Germany’s most populous regions remained above the ECB’s target in November, supporting the central bank’s view on gradually reversing its monetary stimulus in the euro zone.