Market Updates 10/12/2018

ASX is set for another negative opening with SPI currently down 30 points trading at 5637. This is on the back of another sell off on Wall Street on Friday with Dow Jones closing down 2.2%, S & P down 2.3% & Nasdaq down 3.1%. In Europe there was a mixed closes with FTSE closed up 1.1%, CAC closed up 0.7% while the DAX closed down 0.2%.

There are numbers of factor that trigger the sell off in the US, with US non-farm payroll missed market expectation. 155,000 jobs was created in November fewer than 200,000 expected. In Australia, the recent revisions to GDP data and soft growth in Q3 have seen economic growth softening to 2.8% y/y – roughly around RBA estimates of trend. These data challenge the RBA’s outlook for above-trend growth into 2019 and increase downside risk to the Bank’s household consumption outlook.

AUDUSD was also pressured  to sell on the weakness in the global markets closing down 0.4$ to $72.02 cents. Gold closed up 0.9% to US $1248.35 an ounce. Brent Crude Oil closed up 2.7% to US $61,67 a barrel. Iron Ore closed down 0.1% to US $66.51 a tonne.

The market is be looking for further direction on Thursday with US CPI numbers & Retail Sales m/m.

Please contact one of our specialist for further information and trading opportunities.

DATA RELELASES THIS WEEK:

Monday:

GBP – GDP m/m & Manufacturing Production m/m

Tuesday:

GBP – Average Earnings Index 3m/y

Wednesday:

USD – PPI m/m

GBP – Parliament Brexit Vote

AUD – Westpac Consumer Sentiment

Thursday:

USD – CPI m/m & Core CPI m/m

CHF – SNB Monetary Policy Assessment & SNB Press Conference

EUR – Main Refinancing Rate

Friday:

EUR – ECB Press Confidence

USD – Core Retail Sales m/m & Retail Sales m/m

 

Marketing Team
02 8197 0065
Posted in Foreign Exchange News.