ASX looks to open flat on this Monday’s trading session with SPI currently just down 7 points. The international markets closed higher on Friday with Dow Jones up 0.4%, S & P up 0.1% and Nasdaq closed flat, In Europe, FTSE closed 0.1%, CAC up by 0.4% and DAX up 0.4%. AUDUSD also traded higher at US $0.7421, Gold lost grounds down 0.5% at US $1,241.45 while Iron Ore was flat at US $64.04 a tonne.
This week is looking to be a busy week starting with today’s GDP from China and Retail Sales number due out in US. On Wednesday Fed Chair will be speaking to Congress for a two days discussion. There will be questioned about the economic hit that can be expected from the Trump Administration’s multiple trade battles. Bond traders will be keen to see if the Fed will comment on the US yield curve. The US 2 year to 10 year yield difference just narrowing to 25 basis points in the late afternoon trade in NY on Friday.
On Thursday, Australia jobs data being released with the market expecting 16,600 jobs added in June with unemployment rate to remain steady at 5.4%. Away from the market, all eyes will be focusing on the meeting between Donald Trump and Vladimir Putin. On Saturday, G20 Summit will commence where World Leaders will gather with discussion around the trade war.
DATA RELEASES THIS WEEK:
CNY – GDP Q/Y
USD – Core Retail Sales & Retail Sales m/m
NZD – CPI q/q
AUD – Monetary Policy Meeting Minutes
GBP – BOE Gov Carney Speaks & Average Earnings Index 3m/y
USD – Fed Chair Powell Testifies, Building Permits
GBP – CPI y/y
USD – Fed Chair Powell Testifies,
AUD – Employment Change & Unemployment Rate
GBP – Retail Sales m/m
CAD – CPI m/m, Core Retail Sales m/m
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