October 21, 2019 — 2 min read
The AUDUSD opens at 0.6865 and the NZDUSD opens at 0.6398 this morning.
Risk appetite is on the rise amid renewed optimism about the completion of phase one of a US-China trade deal.
The weekend’s comments from Chinese Vice Premier Liu that "China and the US have made substantial progress in many aspects, and laid an important foundation for a phase one agreement," were underlined overnight when President Trump said he thought an agreement would be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on November 16 and 17. Both countries had previously agreed to suspend the imposition of new tariffs temporarily while negotiations are taking place.
The British pound continues to hold up even with Parliament Speaker John Bercow blocking Boris Johnson from holding a second vote on his new Brexit deal. The focus now switches on the government’s attempt on Tuesday to get politicians to support domestic legislation in the accompanying Withdrawal Agreement Bill. Assuming there is enough support for the Bill the government will then need to get the bill through all stages in the Commons by Friday evening, then make the House of Lords sit through the weekend, before finishing the process on Monday or Tuesday in order to keep to the Brexit deadline of 11pm on Thursday week.
A lack of economic data releases during our trading session is likely to see the AUD and NZD consolidate at current levels.
Global equity markets are broadly higher, - Dow +0.10%, S&P 500 +0.54%, FTSE +0.18%, DAX +0.91%, CAC +0.21%, Nikkei +0.25%, Shanghai +0.05%
Gold prices are little changed trading at $1,484 an ounce. WTI Crude Oil prices are down 0.7% trading at $53.51 a barrel.
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