EncoreFX’s daily market updates are written by our experienced and professional dealing team.
By Nicholas Cork
AUDUSD continues to trundle along midway inside its well defined October range of 0.7020/0.7160, however if we look a bit deeper we are seeing some stand out performances in the AUDCROSS rates with nearly all at their highest point for the month today (except against JPY). Today’s market highlight for the AUD will be the release of Q3 CPI at 11.30 AEST.
The brakes were firmly applied to the equity sell off yesterday and continued overnight as bargain hunters were very active on the bid, thus giving the market an air of serenity this morning as we don’t approach a sea of red to start the day. October is historically the month that has the potential to see a lot of volatility, as it has hosted the 87 crash, 97 Asian crisis, 08 crash, plus a few tech boom busts.. I’ll say no more as there is still one more day to go ….
GE were unwillingly back in the headlines after writing down a lazy 22 bio in goodwill as promised profits from their power division are now unlikely, bringing the 12 month write-down total to an astounding 40 bio, and the SEC are now probing deeper into their accounting practices. The stock lost 9% to close near $10. I mention them as GE were last front and centre just after the GFC when the scramble to insure their 150 bio of short term debt via Credit Default Swap’s blew out to 500 basis points as the market was wary of them !! … and their share price was $23….
Finally, Trump must have decided on a virtual wall as he deploys 5000 troops to meet a caravan of Guatemalans on the border……
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