Market Comment |
Australia |
| The S&P/ASX 200 index fell 0.35% or 19.82pts to 5679.34 (day range: 5703.9 – 5670.2) on Monday. The index is above its 20d MA (@ 5603) and above its 50d MA (@ 5595). 66% of the index constituents are above their 20D MA (vs 74% the previous session) and 55% of the shares are above their 50D MA (vs 57%).
The Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI) gained 6.2 points MoM to 50.4 in July. Key findings included: “Three of the eight manufacturing sub-sectors expanded in June: food, beverages & tobacco (down 1.7 points to 58.9); wood & paper products (up 4.4 points to 68.2); and petroleum, coal, chemical & rubber products (up 2.2 points to 50.7). Printing & recorded media was stable at 50.0 points after four months of expansion. (…) Textiles, clothing & furniture (down 3.2 points to 49.3) returned to contraction after a brief expansion in June. The machinery and equipment (down 0.6 points to 40.5), metal products (up 3.3 points to 43.0), and non-metallic mineral products (down 2.5 points to 44.0) sub-sectors continued to contract.” Australia’s securities inflation rose 0.2% MoM in July vs +0.1% in June, according to the TD Securities and the Melbourne Institute for Economic and Social Research. Australia’s new home sales rose 0.5% MoM in June vs -2.3% in May, according to the Housing Industry Association. Australia’s job advertisements dropped 0.4% MoM in July vs +1.2% in June, according to the Australia & New Zealand Banking Group Ltd. in Melbourne. |
| Foreign Exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The US dollar rose against most of its major counterparts with the exception of the NZD on Monday. On the US economic data front, Personal Income was 0.4% MoM in June vs a downwardly revised rise of 0.4% in May while Personal Spending gained 0.2% MoM in June vs a downwardly revised 0.7% advance in May. Markit US Manufacturing PMI was unchanged at 53.8 in July while ISM Manufacturing fell to 52.7 in July from 53.5 the prior month. In addition, Construction Spending rose 0.1% MoM in June vs an upwardly revised 1.8 rise in May.
The Euro was mixed, rising against the CAD and AUD while falling against the JPY and USD. In Europe, euro zone PMI manufacturing was up to 52.4 in July in final estimation, from 52.2 in prior one. It was 52.5 in June. UK PMI manufacturing rose to 51.9 in July from 51.4 a month earlier. Economists anticipated 51.5. The Australian dollar fell against most of its major counterparts. |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Easy Forex Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. Easy-Forex recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning Easy-Forex’s products.