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

Xe Corporate APAC

May 19, 2019 — 3 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%
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