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AUD holds 69 US cents awaiting US-China meeting on G20 Summit

Published June 24, 2019

Author: Dennis Li

Over the weekend, we saw US stocks touch a record high while the USD fall to 3-month lows against a basket of currencies on bets the US Fed would start lowering interest rates amidst growing tensions between them and Iran. Under a rush of stimulus from central banks offshore, risk appetite is leaning slightly in favour of the AUD with it holding its ground above 69 US cents, up 1.60% for the week last week.  The AUDEUR finished at 0.6089  last Friday, sliding by 0.67% to its lowest level since November 2009 as the EUR was buoyed by stronger-than-forecast survey data on French and German business activity.

The key focus for markets this week is the G20 Summit in Osaka. The summit is scheduled between 27-29 June, with US President Trump and Chinese President Xi scheduled to meet over the weekend to discuss a potential trade deal and hopefully put a stop to further escalation in the tariff war.

Except for RBA Governor’s speech this morning there is no market moving economic data released domestically, investors this week will also keep an eye on overseas data which includes the RBNZ June meeting on Wednesday, EU’s Consumer confidence  and America’s Q1 GDP on Thursday, EU’s Inflation data and UK’s Q1 GDP on Friday.