Author: Rhys Miles
A solid rebound in equities last night and a moderate “risk on” appetite did nothing for the Aussie dollar last night. Whilst the Dow and European equities enjoyed a solid rebound the AUD is a victim of a perfect storm of political uncertainty and a foregone conclusion that interest rates will be cut at least twice by the end of the year. The catalyst for the equities rebound was an assurance from Trump that he will secure a trade deal with China. As hollow as this may prove to be, the market embraced it with the USD surging again.
Wages data this morning takes on even greater significance with wages and employment having being declared the stated focus of the RBA’s determination on interest rate movements. Oil prices have climbed after a disruption to Saudi Arabia’s main cross country pipeline with Trump’s comments also proving supportive.
Elsewhere, Germany’s investor confidence in their growth outlook surprisingly weakened in May. This has been attributed to global trade tensions and an overall slowing of Eurozone Industrial Production.
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