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AUD holds 70 cents again

Published October 29, 2018

by Nicholas Cork

AUD was on the ropes Friday evening in NY, hitting lows not seen since Jan 2016 as the USD surged to two-month highs after data showed that the US GDP outperformed expectations.  The mood changed swiftly after Amazon warned Q4 sales could be low thus equities were dumped, gold rose and US yields fell to the 3 week lows. The USD spent the NY afternoon drifting lower across the board which has helped the AUD back towards 71 cents to start the week. AUD may gain some further comfort from weekend data showing that the speculative community has begun to reduce their short AUD positions.

Along with local data, offshore news will continue to influence trading such as the ongoing Italian budget discussions, the US-CHINA Trade dispute, the US mid-terms, Brexit negotiations and the UK budget, and let’s hopefully not forget the investigation into the Saudi killing.