Market Comment |
Australia |
| The S&P/ASX 200 index dropped 2.42% or 126.112pts to 5095.02 (day range: 5221.1 – 5088.7) on Thursday. The index is below its 20d MA (@ 5183) and below its 50d MA (@ 5419). 28% of the index constituents are above their 20D MA (vs 50% the previous session) and 24% of the shares are above their 50D MA (vs 34%).
Australia’s jobless rate was 6.2% in August (vs 6.3% in July) and participation rate was 65% (vs 65.1% in July), according to the Australian Bureau of Statistics. |
Foreign Exchange |
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| The US dollar was under pressure against most of its major counterparts on Thursday except for the NZD and JPY. On the economic data front, Initial Jobless Claims declined to 275K for the week ending Sept 5 compared to 281K in the week before. Continuing Claims reported 2260K for the week ending Aug 29 compared to 2259K in the week prior. Wholesale inventories fell .01% in July vs a 0.7% increase in June. Import prices fell 1.8% in August compared to a decrease of 0.9% in July.
The Euro was stronger against all its major counterparts except for the AUD. In Europe, Bank of England kept its main benchmark interest rate at +0.5%, as expected. BoE stuck to its asset purchase target of £375B. Separately, RICS house price balance index climbed to 53% in August (49% expected) from 44% in July. The Australian dollar was stronger against all of its major pairs. |
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