ASX is looking at a positive trading session on Monday with SPI currently up 26 points at 6250. This is on the back of strong end to Wall Street and Europe markets, with Dow Jones up 0.4%, S & P up 0.9% & Nasdaq up 1.3%. In Europe, FTSE up 0.2%, CAC up 0.2% with DAX up by 0.3%. The major markets all ended stronger despite the escalation of the trade dispute between the US & China.
The bottom line in the US economy continues to be one of the strongest in the developed world, alongside the interest rate differentials and a central bank in tightening mode which is driving the US dollar higher.
AUDUSD is currently trading at us $0.7431 cents, Gold is down 0.2% at US 1255.20 while Iron Ore is up 1.1% trading at US $63.84 a tonne.
Global investors will be carefully seeing how China will response the increased tariff which took place Friday. CPI numbers are also due out in US with market expecting it to remain at 0.2%. For further information please contact our team of FX specialists throughout our 6 offices in Sydney, Melbourne & Brisbane.
DATA RELEASES THIS WEEK:
JPY – BOJ Gov Kuroda Speaks
EUR – ECB President Draghi Speaks
GBP – GDP m/m & Manufacturing Production m/m
EUR – President Draghi Speaks
CAD – BOC Monetary Policy Report , BOC Rate Statement & Overnight Rate
USD – Crude Oil Inventories, CPI m/m & Core CPI
GBP – Gov Carney Speaks
EUR – ECB Monetary Policy Meeting Accounts
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