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Support for the AUD holds at 0.7130

Published September 18, 2018

Author: Dennis Li

A tepid session overnight across the board as the markets wait to see whether US President Trump announces a promised new set of tariffs on $200 billion worth of Chinese goods. The AUDUSD has traded in a 50 point range over the last 24 hours supported by a slightly weaker USD. However the overall risk-off sentiment in the markets continue to threaten new lows on the AUD not just against the USD but also EUR, GBP and NZD.

  • According to a White House economic adviser, the US is ready to negotiate a trade deal with China whenever “Beijing is prepared for serious talks” that will reduce tariffs  and eliminate non-tariff barriers.
  • Chinese foreign ministry announced on Monday that China will decline to participate in the proposed trade talks with Washington later this month if more tariffs imposed.
  • Canadian Foreign Minister Chrystia Freeland on Monday said she would return to US for fresh talks on NAFTA as time is running short to strike a deal before the deadline by 1st October.
  • The EU annual inflation slowed slightly to 2% in August while talks between the EU and Britain on Brexit are being conducted in a spirit of ‘good cooperation’ according to a EU’s chief negotiator.

The minutes of the latest RBA meeting are released today which aren’t expected to contain any surprises but may be noteworthy nonetheless.