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- APAC Morning Update - 19 Nov 2020
APAC Morning Update - 19 Nov 2020
The AUD/USD opens at 0.7320 and the NZD/USD opens at 0.6936.
19 novembre 2020 — 2 min read
The AUD once again pushed higher and the NZD hit a 20-month high on the back of Covid vaccine hopes.
Risk assets across the board are well supported, as the USD continues to be sold off.
Pfizer has released data saying its proposed vaccine has 95% effectiveness, and is seeking US authorisation of its COVID-19 vaccine within days. Moderna has also released preliminary data with similar results.
Meanwhile, the number of reported global daily deaths stood at its highest ever as winter approaches the northern hemisphere.
Australia
Wage increases disappeared in the September quarter in Australia, and the RBA has stated to generate CPI inflation within its band, wage growth needs to be around 3.5-4%.
Europe and Britain
British negotiators have told Boris Johnson to expect a Brussels trade deal early next week with the EU, but let’s not hold our breath...
Meanwhile, the EU are proposing a 1.8 trillion euro financial package as Covid restrictions hit the continent hard.
Where to next?
The AUD is very well supported here, and until we see a clear sign of a reversal, keep looking at market orders higher for importers. It is tough for exporters at the moment, but taking advantage of any dips is the key to managing through this uptrend.
Global equity are mixed: Dow -0.38%, S&P 500 -0.36%, FTSE +0.31%, DAX +0.52%, CAC +0.52%, Nikkei -1.10%, Shanghai +0.22%.
Gold prices are down 0.6% currently trading at $1,873 an ounce. WTI Crude Oil prices fell 2.0% trading at $41.92 a barrel.