June 6, 2019 — 2 min read
The AUD opens higher at 0.6982 and the NZD opens higher at 0.6631 this morning.
Pretty quiet overnight, with the US driving things, and the Aussie and Kiwi firmly in the passenger seat. Trade talks between the US and Mexico were reported to be going well, which lead to some initial “risk-on” moves globally. However, as is often the case with reports on trade talks, they can and often do, get refuted, as was the case here. Anyone else get the feeling Trump is day trading stocks?
The ECB’s Draghi came out of Europe keeping interest rates unchanged, and signalled they will remain at the present levels at least for another year. He is generally very dovish, but wasn’t quite as bad this time, leading to the EUR getting a bit of a boost.
Overnight, we have a lot of US Employment data. The Unemployment Rate is always closely watched, however this time Non-Farm employment change will have all eyes on it. We just had the ADP Non-Farm figures on Wednesday night, which was a really poor number at only 27k increase in employment. The ADP is somewhat of a leading indicator, so tonight’s 180k expected increase in jobs is in doubt. Therefore even if you get a middling number of say 150k, don’t be surprised if the market actually rallies on it.
Global equity markets are up - Dow +0.97%, S&P 500 +0.75%, FTSE +0.55%, DAX -0.23%, CAC -0.26%, Nikkei -0.01%, Shanghai -1.17%.
Gold prices rose 0.4% to $1,339 an ounce. WTI Crude Oil prices bounced back 2.4% to US$52.99 per barrel.
US Unemployment Rate, Non Farm Employment Change (22:30 AEST / 00:30 NZST)
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