Author Rhys Miles
The AUD has inched lower as heightened fears surround the expected longevity of the impact on corporate earnings of the coronavirus. A profit downgrade from Apple over production disruptions and slowing demand caused by the virus was the catalyst for the elevated concerns. Whilst the health impacts of the virus appear to have peaked the ongoing fundamental economic impacts remain the great unknown.
The Dow finished down 0.55% with Asian equities expected to follow suit today following yesterday’s losses. The AUD also received no support from yesterday’s RBA minutes which stated that whilst they are in no rush to ease they stand ready to do so pending the outcome on economic growth of the coronavirus. Financial markets still have two cuts factored in this calendar year.
The EURO dollar took another hit last night after German sentiment data showed a marked deterioration in the outlook for the German economy.
The quarterly Australian Wage Price Index is out today with US Fed minutes early tomorrow morning and the more immediately significant Australian employment data tomorrow at 11.30am.
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