Market Comment |
Australia |
| The S&P/ASX 200 index dropped 1.28% or 68.366pts to 5266.86 (day range: 5353.5 – 5257.1) on Thursday. The index is above its 20d MA (@ 5243) and above its 50d MA (@ 5157). 63% of the index constituents are above their 20D MA (vs 73% the previous session) and 74% of the shares are above their 50D MA (vs 78%).
Australia’s new home sales dropped 4% MoM in September vs +2.3% in August, according to the Housing Industry Association. Australia and New Zealand Banking Group (ANZ) reported FY15 cash profit up 1.4% YoY to $7.22B on total income of $20.52B, up 4.8% YoY. Net interest income rose 5.9% YoY to $14.62B. |
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| The US dollar was lower against most of its major counterparts with the exception of the AUD and NZD on Thursday. On the economic data front, US Initial Jobless Claims were little changed, reporting 260K last week from 259K the week before. GDP rose at a 1.5% annualized rate after a 3.9% pace in the previous 3 months, mainly due to an inventory correction. Finally, Pending home sales fell 2.3% in Sept from a decrease of $1.4% in Aug. Economists had been expecting a 1% increase.
The Euro pushed higher against all of its major pairs. In Europe, the consumer confidence index was at -7.7 in October in final estimation , vs -7.1 in September. In Germany, unemployment claims rate was flat at 6.4% in October, as expected. Separately, German consumer prices were flat in October in preliminary estimation from a 0.2% drop in September. They were anticipated to decline by 0.1%. The Australian dollar was under pressure against all its major pairs. |
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Intraday Technical Strategy
AUD/USD Intraday: the downside prevails.
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