Open today 0.6355
Yesterday’s Range 0.6331 / 0.6378
Open today 0.5844
Yesterday’s Range 0.5829 / 0.5872
Yesterday’s Range 1.0823 / 1.0890
Yesterday’s Range 0.5934 / 0.6005
Yesterday’s Range 4.6298 / 4.6631
Yesterday’s Range 0.5169 / 0.5229
The US-dollar gained across the US session, as US PMI’s exceeded expectations, but Treasuries remained somewhat steady. The AUD was able to buck the trend of other currencies against the US-dollar and marched higher as traders looked forward to the monthly and quarterly CPI release today, which could be enough to sway the RBA committee for a rate rise next week following Governor Bullock’s hawkish comments on Tuesday. The AUDUSD should look for some support at 0.6330/35 and after surpassing 0.6355 yesterday, looks to need an advance above the 0.6400/10 resistance to suggest a short-term bottom is in place.
Wall Street finished higher for the session amidst earnings reporting season optimism. The DJI was up +0.7%, the S&P500 also up +0.7% and the Nasdaq closed higher by +0.9%. Australian shares look to open steady as investors look forward to the CPI data release today, that may be enough to signal a rate rise from the RBA next week.
Gold prices eased earlier in the day, but rebounded off $1950 to close above $1970. Prices eased with safe haven buying slowing after Israel delayed its invasion of the Gaza strip. The rebound in the US-dollar also weighed on the lustre metals for the session.
Copper prices found gains of up to 1.4% on the LME as risk assets improved following the release of robust US economic data, though traders remain cautious to anything pointing to higher US rates being a negative for base metals. Iron Ore prices on the Dalian had some wins across the day as the outlook improves with the approval of a one trillion yuan sovereign bond by Beijing.
Brent Crude Oil prices dropped 2%, following a swag of slow economic data from Germany , the eurozone and Britain, that flags a slowdown in energy demand. Eurozone business activity took a surprise downward turn for the month, suggesting it may slip into a recession , while Germany’s numbers suggest they are into a recessive environment already.
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