MARKET SNAPSHOT –
- SPI200 futures closed down 10 pts to 5849
- SP500 futures closed down 1.50 pts to 2354.50
- FTSE100 futures closed down 52.50 pts to 7223
- DAX30 futures closed down 32.50 pts to 12297
- GOLD finished up $2.70 to $1256.70 an ounce
- COPPER finished up $0.20 to $260.55 a pound
- OIL finished up $0.03 to $50.27 a barrel
- CRB Index finished down 1.36 pts to 185.99
- AUDUSD trading at 0.7607
- EURUSD trading at 1.0667
- GBPUSD trading at 1.2488
- USDJPY trading at 110.8900
US markets edged lower again overnight as US Auto Sales data disappointed and came in below expectations. Traders also continued to question whether Trump could deliver on his stimulus plans which has pushed the markets up to all time highs. The cracks have appeared as the Trump administration had to pull healthcare reform bill due to its lack of support which brings into question tax reform. Europe was lower as British manufacturing data came in less than expected, signs that the economy may be running out of steam.
The USD fell overnight as Trump faced more headwinds but this time over his choice for Supreme Court Justice which is not getting the congressional support. The EURO finished relatively unchanged as any weakness was supported by a weak USD. The GBP was weaker on a potential slow down in the economy. The AUD continued to hold lows ahead of interest rate data today.
Gold was slightly higher gaining on the weaker USD as Oil flat and continues to hold above the $50 a barrel level on optimism for OPEC extensions.
Markets look ahead to Fridays important employment data release which could really throw a cat among the pigeons if data comes out less than expected.
The ASX200 is expected to open down 5/10 points.
ECONOMIC DATA OUT TODAY (AEDT) –
AUD Trade Balance 11:30am
AUD Cash Rate and RBA Rate Statement 2:30pm
GBP Construction PMI 630pm
EUR Retails Sales 7pm
AUD RBA Gov Lowe Speaks 7:15pm
CAD Trade Balance 10:30pm
USD Trade Balance 10:30pm
USD Factory Orders 12am
EUR ECB President Draghi Speaks 12:30am
ASX200 INTRADAY LEVELS TO WATCH –