The Global Dairy Trade (GDT) Auction Resulted in Another Moderate Rise - APAC Update

The AUDUSD opens at 0.7171 (mid-rate), and the NZDUSD opens at 0.6885 (mid-rate) this morning.

This morning’s Global Dairy Trade (GDT) auction resulted in another moderate rise for the index, with the 0.9% increase marking the 6th consecutive lift in dairy prices. A total of 25,324MT of product was sold at today’s auction with skimmed milk powder and cheddar leading the way up 2.8% and 2.95 respectively. Whole milk powder prices were marginally higher, up 0.3% from the previous auction a fortnight ago.

UK Update

The GBP is the strongest performing of the G10 currencies after a stronger-than-expected employment report.

Yesterday the UK Office for National Statistics reported employment rose by 167k to a record high of 32.6m in Q4 2018. Economists had forecast an increase of 152k jobs. The Q4 jobless rate remained at a record low of 4% while wage growth matched economists' expectations of 3.4% with Q3’s previously reported 3.3% wage growth upwardly revised to 3.4%.

Japanese market

The Japanese yen lost value overnight after the Bank of Japan Governor Haruhiko Kuroda hinted that the central bank may look at further monetary policy easing. Mr Kuroda while speaking to parliament stated "Currency moves could have an impact on the economy and prices, so it's crucial we take into account these factors when guiding monetary policy."

US Dollar

A fall in the US Dollar Index (DXY) has seen gold prices hit a 10mth high just short of 1,345 an ounce, geopolitical uncertainties along with the possibility of monetary policy easing from major central banks are driving investors towards this safe-haven.

Global equity markets are mixed, - Dow Closed, S&P 500 Closed, FTSE -0.24%, DAX -0.01%, CAC +0.30%, Nikkei +1.82%, Shanghai +2.68%. Gold prices are little changed trading at $1,325 an ounce. WTI Crude Oil prices continue to climb up 0.7% trading at $56.37 a barrel.

Mid-market rates
AUDUSD0.71710.5%NZDUSD0.68850.6%AUDEUR0.63180.2%NZDEUR0.60660.2%AUDGBP0.5488-0.5%NZDGBP0.5271-0.4%AUDJPY79.280.6%NZDJPY76.050.5%AUDNZD1.04120.0%NZDAUD0.96010.0%GBPAUD1.82220.5%NZDCAD0.90950.4% GBPNZD1.89720.4%
Please contact us for more info about your international payments, or click here to register and save now.

Please Note:
The information, materials, accompanying literature and documentation available on our internet site is for information purposes only and is not intended as a solicitation for funds or a recommendation to trade. XE, its officers, employees and representatives accept no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

While we take reasonable care to keep the information on the website accurate and up to date, there may be occasions when this is not possible. Case Studies and articles are not intended to predict future moves in exchange rates or constitute advice.

XE makes no representations, warranties, or assurances as to the accuracy or completeness of any information derived from third party sources. If you are in any doubt as to the suitability of any foreign exchange product that you are intending to purchase from XE, we recommend that you seek independent financial advice first.

For more information about XE, please click here: Regulatory Information