EncoreFX’s daily market updates are written by our experienced and professional dealing team.
by Nicholas Cork
After a strong start last Monday towards 74 cents, the AUD ended the week testing 72 cents after being battered by both fundamentals and sentiment, and now looks technically vulnerable to an even further move lower . This morning we have already seen a test towards 0.7175 as the OECD weigh in on local property prices and our economy via the mainstream media, and challenges to PM Morrison from all directions are getting plenty of airplay. From here, moves lower are looking likely if domestic fundamentals remain to the fore, and if support levels break at 0.7150 a test towards the years low is on the cards.
Offshore the DOW weakened another 550 points after US jobs data fell short of expectations, giving more fuel to the calls for a slower rate hike path in the US leading up to their December FOMC meeting next week. In the UK there are mass protests from both sides around Brexit, and the punters are now tipping no victory for PM May in the House of Commons vote on Tuesday. And finally, France is besieged by Yellow Vest protestors as Trump voices that the Paris climate accord is to blame….. and there is still the lingering Trade issue to be attended too…
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