Market Comment |
Australia |
| The S&P/ASX 200 index increased 0.33% or 18.556pts to 5697.9 (day range: 5727.7 – 5659.4) on Tuesday. The index is above its 20d MA (@ 5608) and above its 50d MA (@ 5594). 67% of the index constituents are above their 20D MA (vs 66% the previous session) and 57% of the shares are above their 50D MA (vs 55%). Trading volume on the index was low, 36.5% below the 3 months average.
Australia’s central bank kept the cash rate target unchanged at 2.00% (as expected). Australia: The ANZ Roy Morgan Consumer Confidence Index edged up to 112.9 in the week ended August 2 from 112.5 in the previous week. Australia recorded a trade deficit of A$2.9B in June (A$3.0B deficit expected) vs A$2.7B deficit in May, according to the Australian Bureau of Statistics. Australia’s retail sales rose 0.7% MoM in June vs +0.4% in May, according to the Australian Bureau of Statistics. Australia’s commodity index dropped 20.2% YoY in July vs -17.1% in June, according to the Reserve Bank of Australia. |
Foreign Exchange |
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| The US dollar was higher against most of its major counterparts except for the Australian dollar on Tuesday. On the US economic data front, U.S. factory orders increased 1.8% in June from a downward revision of -1.1% in May.
The Euro was under pressure. In Europe, euro zone PPI index fell by 0.1% in June after being flat the month before. Economists anticipated prices to be unchanged. According to Nationwide, UK house prices rose 0.4% in July, as expected, after being down by 0.2% in June. The Australian dollar pushed higher against all of its major counterparts. |
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