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Market Update

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

AUD remains range bound

Published October 24, 2018

Author: Dennis Li

As the risk-off momentum continues to dominate the markets, we saw the AUD remain under pressure below 0.7100 against the USD. With the lack of significant economic data so far this week, the AUD had little movement broadly against other major currencies while crude oil dropped by more than 4% overnight as Saudi Arabia vowed to meet the demands of the world’s oil consumers amid a deepening crisis over the killing of journalist Jamal Khashoggi and upcoming US sanctions on Iran.

  • All three major US Indexes were all around 2% lower at one point overnight, dragged down by disappointing earnings from some blue chips companies before recovering some of their losses.
  • The European Commission rejected Italy’s draft 2019 budget on Tuesday, saying it broke EU rules on public spending, and asked Rome to submit a new one within three weeks or face disciplinary action.
  • Japanese Economy Minister Toshimitsu Motegi said on Tuesday the country’s economic fundamentals remains solid, but he would continue to monitor the impact of an intensifying Sino-US trade war on the global economy.