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Currency Market Analysis

Oct 21, 2019 | Currency Market Analysis

Global Themes

Aussie holds at three-month highs despite Brexit delay


• Aussie holds on
• GDP hopes
• Brexit vote...again

Aussie holds on

The AUDUSD held steady at three-month highs this morning despite the uncertainty created by another delay to the UK’s Brexit vote.

The British government was unwilling to press ahead with the weekend vote after an amendment forced UK prime minister Boris Johnson to seek an extension beyond the scheduled departure date of 31 October.

The EU looks likely to grant an extension – possibly into next year – with the UK parliament to vote again tonight.

GDP hopes


The AUDUSD gained 0.5% on Friday with the Aussie’s gains halted by key technical resistance at the three-month highs.

The Aussie was helped by Friday’s Chinese growth figures.

While the headline September quarter GDP numbers were below forecasts at 6.0%, industrial production and construction activity both showed signs of improvement.

Brexit vote...again


Tonight’s focus remains on the UK’s Brexit vote and this can continue to create uncertainty in markets.

Later in the week, global manufacturing numbers will be released on Thursday.

The European Central Bank also meets on Thursday.


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