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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

The Aussie remains flat ahead of key data

Published September 12, 2018

Author: Dennis Li

Stronger Australian business conditions in August released on Tuesday were not good enough to push the Aussie higher. We saw the AUD finish at just above 0.7110 against the USD with today’s opening rate disguising a slightly volatile night’s range of 50 points after further developments surrounding the US-China trade conflict.

  • China told the World Trade Organisation (WTO) on Tuesday it wanted to impose $7 billion a year in sanctions on the US over Washington’s non-compliance with a ruling in the tariffs dispute.
  • According to Canadian officials, Canada is ready to offer the US limited access to the Canadian dairy market as a concession in negotiations to revamp the NAFTA.
  • British workers’ pay picked up faster than expected in the second quarter as businesses found it harder to hire staff, official data showed on Tuesday.
  • Bank of England Governor Mark Carney said on Tuesday he was willing to do whatever he can to promote a successful Brexit after agreeing to extend his term to the end of January 2020.

Investors will keep an eye on the US inflation data out tomorrow tonight and Australian employment data tomorrow which may prove to be the catalyst for the next major move on the AUD.