The RBA has surprised most in the market today by effectively delivering two rate cuts in one hit, judging such a quantum to be “necessary”.
The RBA has today cut the cash rate to 3.75% in a surprise 50bps cut.
Jerry Simmons explains why copper may well be showing the way forward for other risk assets.
After a strong run from before Christmas, Wall Street has closed flat for April as it consolidates to await the next drivers. Dow down 14 last night. (Accessible only for subscribers before 10:15 AEDT)
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
BullionVault’s Ben Traynor thinks the Bank of England has done a good job in avoiding a liquidity crisis for its banks and this is boosting gold in Sterling terms.
Blow me down if Ben Bernanke didn’t suggest on Wednesday night QE3 will always be there. Buy! Dow up 113. (Accessible only for subscribers before 10:15 AEDT)
The two sessions on Wall Street broke down into “Waiting for Apple” and “Apple”. The Dow (no Apple) was up 89 last night to provide a net 163 point gain. (Accessible only for subscribers before 10:15 AEDT)
Australian inflation has gone (cheap) bananas to provide a surprisingly benign CPI result which will guarantee a May rate cut. Economists are now talking another cut in June.
ATW’s Jerry Simmons explains why EUR/USD has his full attention this week.