Author : Brett Gordon
Australian shares are poised to open higher even as Wall street faltered on renewed concerns about the impact of the US- China trade tensions and the outlook for US interest rates.
The U.S. dollar rose towards a three-week high on Tuesday as hope dampened that the Federal Reserve will ease monetary policy aggressively, while worry over U.S.-China trade tensions hitting corporate profits contributed to an equity sell-off on Wall Street.Fed Chairman Jerome Powell is due to appear before Congress today and tomorrow for his semiannual testimony, and is likely to be questioned about his willingness to ease policy.
The Australian Dollar dropped by over half a cent after worse than expected Business Confidence Data released yesterday. The NAB business survey showed confidence falling by 5 points to +2 in June, reversing much of the 7 point gain registered in May.
The GBP fell to its lowest level in 2 years with markets concerned about a slowdown in growth, the ongoing risk of a no-deal Brexit, and the possibility of new general elections. UK GDP figures are due out tonight with markets expecting a 1.3% YOY number.
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