Brexit finds favour with the Foreign Exchange

By Alex Moffat. Published at Mar 5, 2019, in Market Wrap

Speculation that Britain’s exit from the European Union may be deferred until, say June, is incredible. The politicians have had over two years to sort the exit out and at the time of typing it is still a not a done deal. It does appear to have found favour with the foreign exchange market which has pushed Sterling higher in recent days but I imagine the average man and lady on the High Street must be heartily sick of it all.

When a deal is finally done, it could be festival time, which means a lot of litter on the streets.

As an aside, but speaking of litter, I was driving through Richmond over the weekend it struck me the borough must be having a festival of litter - it was everywhere. Bits of newspaper, brightly coloured paper, crisp packets and other less attractive litter was fluttering in the wind; and to think that elsewhere people simply put rubbish in bins.

It has just ticked over ten years since the ASX200 hit the crisis low close of 3,145 on 6th. March 2009. It has been a long road in between then and now with the market index almost doubling.

Today will be negative following a soft night on Wall Street where the S&P500 and Nasdaq have closed down 0.4% and 0.2% respectively. Index futures are suggesting the ASX200 may drop by 41 points. The Australian Dollar is steady this morning at US$0.7090 and our 10 year bond is at 2.19%.

The Reserve Bank is likely to maintain the interbank rate at 1.5% again today and aside from current account data at 11:30 there is little else to fret about.

Mr Trump is always good for a comment and I noted he has not backed off on his thoughts on the Federal Reserve Chairman’s role in getting the Fed’s monetary policy settings back to “normal”.

Over the weekend he said “We have a gentleman that loves quantitative tightening in the Fed. We have a gentleman that likes a very strong Dollar in the Fed. With all of that, we’re doing great. Can you imagine if we left interest rates where they were?”

Perhaps in his meanderings he might let us know when the next big market downturn will be and how he proposes the Fed, who he will blame, deals with it.


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