Open today 0.6346
Yesterday’s Range 0.6320 / 0.6367
Open today 0.5824
Yesterday’s Range 0.5806 / 0.5844
Yesterday’s Range 1.0855 / 1.0908
Yesterday’s Range 0.5983 / 0.6024
Yesterday’s Range 4.6313 / 4.6661
Yesterday’s Range 0.5211 / 0.5242
We look forward to a busy week of central bank meetings , US and local data with the US Payrolls taking centre stage on Friday. The Fed meets on Wednesday and widely expected to remain on hold, as too is the BoE at their meeting on Thursday. The BoJ meet tomorrow and are expected to tweak their policy, with consideration to raising the cap on their 10y government bond to accommodate rising yields. Australian data will include Building Approvals, Trade data and Q3 Retail sales, all the while looking ahead to the Nov 7 RBA Meeting next week, where markets are leaning towards a hawkish tilt. The AUDUSD is opening the week in neutral territory after a 0.2% rise on Friday against the USD. Risk aversion still circulates markets and any gains will be seen as an opportunity to fade the rally. A double bottom at the 0.6270/75 offers support and resistance around the 0.6400/10 remains. The Aust Retail data release today will the key to trader momentum and immediate direction, with expectations for a +0.3% return for the month of September.
Wall Street stocks finished mostly lower, though tech shares had a lift, as investors mulled over a busy week of earnings results and US economic data that suggested interest rates would remain higher for longer. The DJI fell -1.1%, the S&P500 loses -0.5% and the Nasdaq closed up +0.4%. Australian shares are expected to open lower today, as investors remain cautious as to the strong economic data in the US and dampening market sentiment ahead of the Fed meeting later this week.
Gold prices tops US$2000, as the Middle East conflict intensifies and investors sway towards safer haven assets.
Copper prices on the LME rose, on a softer US-dollar and upbeat signs of a recovering economy in China. Dalian Iron Ore prices rallied 2% higher as signs of China’s economy look to stabalise, buoyed by expectation for additional stimulus from Beijing.
Brent Crude Oil prices climbed to near 3% for the session, as tensions in the Middle East prompt concerns for a disruption to crude supply.
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