Markets have Lacked Direction in a Slow Start to the Trading Week

Xe Corporate APAC

December 9, 2019 2 min read

The AUDUSD opens at 0.6833 (mid-rate) and the NZDUSD opens at 0.6553 (mid-rate) this morning.

It’s been a slow start to the trading week with markets lacking direction in the absence of any tier one economic data.

Investors are likely to remain on the side lines ahead of Thursday’s FOMC monetary policy statement and the UK elections. Although the Federal Reserve are widely expected to keep rates on hold at this meeting investors will again look for clues as to where the Fed see interest rates in 2020.

Surprisingly, and with the US set to raise tariffs on Chinese imports on the 15th, there has been little in the way of trade negotiation headlines so far this week.

The Euro has failed to take advantage of some better than expected economic data after Sentix reported investor confidence rose to its highest level since May with the index up 5.2 points to 0.7 in December. The index had been forecast to fall to -5.3 from -4.5 in November.

This afternoon, Australia’s NAB business confidence report along with China’s CPI and PPI data releases will dictate short-term direction for both the AUD and NZD.

Global equity markets are mixed - Dow -0.25%, S&P 500 -0.10%, FTSE -0.08%, DAX -0.46%, CAC -0.59%, Nikkei +0.33%, Shanghai +0.08%

Gold prices are little changed trading at $1,460 an ounce. WTI Crude Oil prices have inched down 0.2% trading at $58.96 a barrel.

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