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A night of consolidation

Published August 29, 2019

Author: Rhys Miles

Understandably, following the G7 and suffering a little trade war fatigue the markets were quiet last night with very little activity at all. The Dow had a solid night rallying 1% albeit on volumes 20% less than the monthly average. Oil rose 1.60% and commodities had a modest appreciation. No surprises that we start the day in the same range that we have seen the AUD trade in for three weeks now. With the volatility index noticeably lower it appears that everyone is just taking a breather.

In the UK, the pound fell as the Queen approved Boris Johnson’s request to suspend parliament in the lead up to the October 31 Brexit deadline. Talk of a recession in the UK is heating up as is the expectation that the BOE will start cutting rates, delayed only by the outcome of Boris’s no deal Brexit.

Locally, we have capital expenditure and tonight we have US Q2 GDP.