by Nicholas Cork
A messy session overnight as risk indicators slowly tick higher and investors flee for the exits, their hand forced as equity markets continue to fall further into ‘corrective’ territory, and the outlook for 2019 is not quite so clear as it was a month ago. The USD eased off its one year plus highs as investors switched into safe-haven currencies YEN and CHF, and the USD weakness was aided by worse than expected US manufacturing data. Having said that, the AUD was mostly sidelined in the last 24 hours as it hibernated within a 20 point range above its crucial 0.7150 support, but AUDCrosses are mostly lower to start today’s session.
Impending events for the AUD and NZD are this afternoon’s release of the RBA minutes, and the Global Dairy Auction tonight. The market is building anticipation ahead of the US FOMC announcement this week, with even Mr Trump weighing in overnight by tweeting that “It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!”
© Copyright - EncoreFX, 2018.EncoreFX (Australia) Pty Ltd ABN 42 607 244 879 AFSL 479 870 is the issuer of the financial products in Australia. The information on this website has been prepared without taking into account your objectives, financial situation or needs and so before acquiring any financial services or products from EncoreFX, you should consider the appropriateness of the information having regard to your own objectives, financial situation or needs. You should obtain the product disclosure statement (PDS) for the relevant product and consider the PDS before making any decision to acquire the product. The information on this website is not directed at residents of any country other than Australia and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of, and comply with, any local law or regulation to which they are subject.