Today’s Key Market Drivers: 23rd August 2018

“I got ya back Malcolm, I promise.”

The likelihood is Australia will have a new Prime Minister by the end of today with Peter Dutton to bring on another challenge in his attempt to grab the top job from Turnbull. The political uncertainty has had little impact on the Aussie Dollar with traders use to dealing with sitting Prime Ministers being rolled. We may see the local currency shift lower in the short term if Peter Dutton is successful but the longer lasting impact of a new PM on the AUD will be minimal and traders inside investment banks and hedge funds will be focused on what the RBA is doing and saying about interest rates and the economy rather than the sideshow that will again roll on in Canberra today.

The US Fed’s Monthly Minutes, when released at 4.00am AEST this morning, confirmed the US Central Bank is still committed to lifting rates twice in the second half of 2018, however, is concerned that a trade war with China and other countries may threaten the US economy. The US Dollar remains on the back foot this week struggling to gain any traction after Turkey’s economic and currency crisis caused traders this time last week to buy the safe-haven US Dollar. Fast forward a week and President Trump has had two of his former advisors criminally convicted and the pressure is mounting on the US President. It’s going to take more than a payment to a porn star to unseat Trump from the White House but the current political uncertainty has put the brakes on the US Dollars rise which Trump will be cheering. The upcoming Central Bankers conference in Jackson Hole may shift the focus on Thursday and Friday and with China beginning trade talks in Washington this gives traders something to look forward too.

Thursday sees very little in the way of potentially market-moving news other than the release of the ECB’s monthly minutes. The market’s focus is in the USA with trade talks with China and a President who is having a shocker of a week.

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About the Author: Andrew Barnett

Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).

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