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AUD affected on household growth and consumption

USD in rebounding move with lower GBP, EUR and commodity currencies despite of the lower USDJPY driven by risk off sentiment and YEN cross selling effect. The -4.6% in DJI close to 24345.75, which is below the year opening, confirms to be the short term top as correction remains in short term also. This drives more selling pressure on Asian equity and in the early European session with Nikkei down to 4.73%, HSI down to 5.12% and FTSE earlier in -1.63%, DAX at -1.89% , CAC in -1.77% effect. USDJPY hitting low at 108.46 before rebounding back after Kuroda keeps the YCC rate unchanged and wanting to continue QE policy persistence to take effect. As some short coverings on YEN cross also support USDJPY rebounding move.

RBA keeping the cash rate unchanged at 1.5% as expected. But the weak in retail sales and trade balance together worries the RBA for slow household income growth, uncertainty for household consumption and citing high debt level which hinting more patience for the rate normalization. AUD and AUD/NZD in lower movement after the said events and  remains under pressure in staying short term.

Oil lowers down to 1% and GOLD goes higher as both driven by the risk off sentiment. As of today the Oil and GOLD remains affected by equity market and broad USD movement.

Brexit negotiation starts till Friday and more speech/headlines will direct the GBP and GBP cross movement.

Today the US trade balance, JOLTs job openings data as well as stock/bond market move will direct the intraday action. Risk sentiment and cross flow are expected to play more important part on daily moves.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.