AUD Performed Strongly After The Shocking AUS Election Result - APAC Update

Xe Corporate APAC

May 19, 20193 min read

The AUDUSD opened at 0.6909 (mid-rate) , and the NZDUSD opened at 0.6521 (mid-rate) this morning.

The Australian dollar is the strongest performing of the G10 currencies following the weekend's shock election result, with Scott Morrison’s Coalition on track to remain in power after defeating Bill Shorten's labour party.

Tomorrow’s RBA monetary policy minutes should prove to be the key domestic driver for the AUD while Thursday’s FOMC meeting minutes along with  the UK’s inflation data and Euro-zone PMI’s will be closely monitored by investors ahead of the weekend’s European parliamentary elections.

US News

Risk appetite is on the rise after President Donald Trump announced a delay in imposing tariffs on imported vehicles and parts from the European Union, Japan and removed tariffs of 25% on steel and 10% on aluminium on both Canada and Mexico imports. Both announcements made post Friday’s close.

The weekend’s US economic data releases showed consumer sentiment has surged higher over the course of this month with the University of Michigan preliminary report showing the index has spiked to 102.4 after a final reading of 97.2 in April. Economists had forecast the index to inch up to 97.5.

Global equity markets closed out the week mixed, - Dow -0.38%, S&P 500 -0.58%, FTSE -0.07%, DAX -0.58%, CAC -0.18%, Nikkei +0.89, Shanghai -2.48%.

Gold prices gave back Thursday’s gains on Friday closing out the week at $1,277 an ounce. WTI Crude Oil prices were little changed on Friday, down 0.2%  closing out the week at $62.92 a barrel.

Mid-market Rates

AUDUSD0.69090.3%NZDUSD0.6521-0.2%AUDEUR0.61980.4%NZDEUR0.5848-0.1%AUDGBP0.54330.9%NZDGBP0.51250.3%AUDJPY76.190.6%NZDJPY71.890.2%AUDNZD1.05910.4%NZDAUD0.9439-0.5%GBPAUD1.8406-0.9%NZDCAD0.8775-0.3% GBPNZD1.9512-0.3%
Our *MarketWatch* page is live, please click here to access.

Get in touch with us for more information or pricing.

*Would you like daily international currency market news and insights delivered to directly to your inbox? Sign up to our country-specific updates below, and please browse the rest of our blog for more insights from XE offices around the globe.*

**Australia Morning Update  |  New Zealand Morning Update**

Please Note:
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

While we take reasonable care to keep the information on the website accurate and up to date, there may be occasions when this is not possible. Case Studies and articles are not intended to predict future moves in exchange rates or constitute advice.

XE makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources. If you are in any doubt as to the suitability of any foreign exchange product that you are intending to purchase from XE, we recommend that you seek independent financial advice first.

For more information about XE, please click here: Regulatory Information