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Currency Market Analysis

Oct 16, 2019 | Currency Market Analysis

Global Themes

Brexit deal nears?


The British pound jumped overnight – forcing the AUDGBP to the lowest level since 2016 – as hopes grew for a potential Brexit deal ahead of the UK’s 31 October deadline. UK news reports suggested the Johnson government had agreed to border checks in the Irish Sea in a move that might see the UK and EU agree on a revised deal. The new draft agreement could be published as soon as tonight.  Any agreement needs still needs to be approved by the UK parliament. The AUDGBP fell 1.7%.

AUD weaker


The Aussie was weaker in most other markets. The AUDUSD fell 0.3%. The AUDEUR fell while the AUDJPY climbed. The AUDNZD dropped after New Zealand inflation was reported stronger than expected.

Key data


FX markets will be braced for key global data over the next day. From the UK and Europe, inflation data, along with the Brexit negotiations, are likely to drive sentiment. In the US, retail sales are due tonight. Locally, tomorrow’s employment numbers might create AUD volatility.


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