Author: Rhys Miles
Iran/US tensions dominated market activity last night with the pause button firmly hit pending any Middle East developments. Not surprisingly oil and gold prices rallied strongly overnight with oil now up 30% since October.
The overall mood is now “risk off” with European equities lower but the Dow traded flat and even the AUD remains at levels in the vicinity of yesterday’s trading range against the USD but lost quite a bit of ground against both the EUR and GBP as they improved against a weakening USD.
The AUD continues to be the victim of heightened speculation that the bushfire crisis will affect economic growth locally to the extent the RBA may be forced to cut rates again as early as February though futures markets still discount that at this early stage.
The continuing appearance of global growth improvement was supported by positive services data out last night from Europe and the US partially offsetting last week’s poor manufacturing data. As alluded to yesterday the significant economic data comes out at the end of the week so until then price action may remain fairly muted.
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