ASX is expecting to for a positive opening with SPI currently up 28points at 6327. This is on the back of positive end to US trading on Friday with Dow Jones up 0.4%, S & P up 0.3% & Nasdaq up 0.1%. Mixed closed in Europe with FTSE ended flat, DAX down by 0.2% and CAC down 0.1%.
US equities rose late Friday afternoon even as the Turkish lira tumbled and some expectation of the US-China trade war easing with a planned meeting this week between US and a delegation led by Vice Minister of Commerce Wang Shouwen from China. The world’s two largest economies are set to impose tariffs on billions of dollars of each other’s goods on August 23, in addition to levies that took effect on July 6.
AUDUSD rebounded from Friday currently trading at US $0.7310 from just touching US $0.7200. Gold also traded higher at US $1185.05 with Iron Ore also up by 1.5% currently trading US $67.63 a tonne.
Very little data releases this week as investors will wait and digest the outcome of this week’s meeting between US & China.
Please contact one of our specialist for further information regarding any trading opportunities.
DATA RELEASES THIS WEEK:
AUD – RBA Gov Lowe Speaks & Monetary Policy Meeting Minutes
NZD – Retail Sales q/q
CAD – Core Retail Sales m/m
USD – Crude Oil Inventories & FOMC Meeting Minutes
USD – Fed Chair Powell Speaks
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