Author: Rhys Miles
As expected, a whole lot of not much at all occurred last night. Equities markets were flat, currency markets are preparing their positions ahead of the G20. Market activity had some serious flows but with little in the way of a net result. Commodities continue to rally and the theme of an AUD creeping higher was maintained. The 0.7000 level is looking inevitable but may very well change significantly after this weekend.
The RBNZ left rates on hold as expected yesterday at 1.50% but with a very dovish accompanying statement. US durable goods orders fell 1.30% last night. Tonight’s US GDP and jobless claims will provide a clearer picture on the direction of rates and whether the much speculated cut of 50bps is a vague possibility. Chinese Industrial profits today and European confidence data tonight may provide some secondary impetus.
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