12th October 2020 - AUD holds above 0.7200 with US Markets observing Columbus Day


Market Headlines

Sentiment moved in a positive direction heading into the US long weekend with Trump’s support for a large scale Covid support package. The S&P500 closed up 0.9% to a one-month high, the US dollar fell, and bond yields rose slightly. Commodities, Brent crude oil futures fell 1.1% to $42.85, copper rose 1.3%, and gold rose 1.9%.

Currency

AUD/USD: 0.7173 – 0.7243

EUR/USD: 1.1767 – 1.1831

GBP/USD: 1.2922 – 1.3050

USD/JPY: 105.59 – 105.98

USD/CAD: 1.3110 – 1.3187

NZD/USD: 0.6599 – 0.6672

AUD/JPY: 75.95 – 76.52

AUD/NZD: 1.0850 – 1.0876

AUD Thoughts

AUD/USD reached a high of 0.7243 at the close of last week as demand now likely to have been raised to the 0.7180/.7200 region while offering interest should gather momentum with a push toward 0.7300 region

Event Risk Data Today

Eurozone: EU/UK post-Brexit trade talks will continue.

Japan: Capital investment remains challenged by uncertainty, with PPI (prior: 6.3%, market f/c: -0.4%).

New Zealand: Net migration in August will remain depressed by border restrictions (prior: -26).

UK: BOE commentary from Haskel and Bailey

US: partially closed for Columbus Day.

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