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Markets quiet after US holiday

Published February 18, 2020

By Rhys Miles

A very quiet night with US financial markets closed for Presidents day. As alluded to yesterday, the People’s bank of China have signaled further targeted policy support and the Singaporean government is also expected to announce a large stimulus package. The coronavirus therefore becomes the principal consideration overnight and the news has been moderately positive with the number of new reported cases continuing to decline and the virus now confined to 29 countries and territories.

Japanese Q4 GDP contracted yesterday by a larger than expected 1.60% with a soft Q1 (2020) GDP feared as a result of the hit to tourism courtesy of the recent typhoon and of course the coronavirus. The RBA minutes are out today at 1.30pm and shouldn’t hold any surprises that have not already been flagged.

On the currency front, the AUD remains asleep around 0.6700 and the GBP continues its gradual decline owing to political hostilities between the UK and EU over Brexit specifics.

Today will see BHP announce their results with the remainder of the week having the other big miners follow suit.

 

 

 

 

 

Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (Australia) Pty Ltd on 30 March 2020.

Rees Logan, Adam Nikitins and Stewart McCallum were appointed Joint and Several Voluntary Administrators of EncoreFX (NZ) Limited on 30 March 2020.

Any queries regarding the Administrations should be directed to encorefx@au.ey.com.