MARKET SNAPSHOT

  • SPI200 futures closed up 12 pts to 5786
  • SP500 futures closed up 4.00 pts to 2402
  • FTSE100 futures closed up 16 pts to 7496.50
  • DAX30 futures closed down 28 pts to 12631
  • GOLD finished down $2.40 to $1253.10 an ounce
  • COPPER futures finished down $1.25 to $258.35 a pound
  • OIL futures finished down $0.11 to $51.36 a barrel
  • CRB Index finished down 1.14 pts to 185.60
  • AUDUSD trading at 0.7501
  • EURUSD trading at 1.1216
  • GBPUSD trading at 1.2969
  • USDJPY trading at 111.5700

US markets pushed higher into the close for the fifth straight session of gains. The SP500 Index jumped to new record highs finishing up 0.3%. FOMC meeting minutes were released which led to an uptick in buying interest late in the session. The FOMC minutes revealed that members agree that it will soon be appropriate to begin reducing the central banks massive balance sheet. Currently, the central bank is holding the balance sheet steady by reinvesting the principal of maturing securities. By the end of the year, the Fed will like to introduce a gradual increase of caps to limit the reinvestment. The outlook for the next rate rise is still pointing to June with a probability of 83.1% up from 78.5%.

The USD Index moved lower after the minutes release along with US Bond yields. The Pound was slightly higher from the previous days close in choppy trade and still coming under selling pressure ahead of UK elections. The EURO found support from a weaker USD pushing up into the close of technical support. The AUD pushed higher also after the release to continue its move up which began yesterday afternoon.

Oil was slightly lower even after a larger than expected drawdown on US Oil inventories. Traders remaining cautious ahead of OPEC and Non-OPEC member meetings where it is expected to extend output cuts posibly up to 12 months.

The ASX200 is expected to open 10 points higher and find buying in search of technical resistance.

 

ECONOMIC DATA OUT TODAY (AEDT) –

NZD Annual Budget Release 12pm

AUD RBA Assistant Gov Debelle Speaks 6pm

GBP GDP Data 6:30pm

ALL OPEC Meetings All Day

USD Unemployment Claims, Goods Trade Balance and Wholesale Inventories 10:30pm

USD FOMC Member Brainard Speaks 12am

 

ASX200 INTRADAY LEVELS TO WATCH –