This week ATW’s Jerry Simmons examines US bond rates and sees an upside break-out, along with weakness building in the euro and a downward trend for gold.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
No one’s entirely sure why, but last night the US dollar exploded through 100 yen and sent all other currencies, including the Aussie, tumbling. Dow down 22. (Accessible only for subscribers before 10:15 AEST)
Forex.com’s Kathleen Brooks reports momentum traders are turning to equities with other markets playing second fiddle now, at best.
Wall Street opened lower but traded higher last night while yesterday’s Chinese trade data have drawn scepticism. (Accessible only for subscribers before 10:15 AEST)
Given the state of the Australian economy, economists from at least two houses are forecasting a further three RBA rate cuts to 2.00% by the first quarter next year.
The Dow closed above 15,000 for the first time ever last night on an 87 point gain, while the RBA rate cut was the talk of the town. (Accessible only for subscribers before 10:15 AEST)
If anything, it is the strong Aussie which prompted a mostly unexpected cut in the RBA cash rate to 2.75%.
The RBA today cut its cash rate by 25bps to 2.75%.
The S&P ticked up slightly into blue sky last night in a quiet post-jobs session with UK metal markets closed. Dow down 5. (Accessible only for subscribers before 10:15 AEST)