| Market Comment |
| Australia |
| The S&P/ASX 200 index fell 1.67% or 91.146pts to 5382.08 (day range: 5480.5 – 5364.7) on Wednesday. The index is below its 20d MA (@ 5609) and below its 50d MA (@ 5569). 18% of the index constituents are above their 20D MA (vs 32% the previous session) and 33% of the shares are above their 50D MA (vs 43%).
Australia’s seasonally adjusted consumer confidence rose 7.8% MoM in August vs -3.2% in July, according to the Westpac Banking Corp. and the Melbourne Institute. |
| Foreign Exchange | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The US dollar was under pressure against all its major counterparts on Wednesday. On the economic data front, MBA Mortgage applications rose 0.1% for the week ending August 7 compared to an increase of 4.7% the week before. U.S. July Budget deficit came in at 149.2B compared to a 94.6B deficit in June.
The Euro strengthened against its major pairs. In Europe, Industrial production fell 0.4% in June after a 0.2% decrease the month before (revised from -0.4%). Economists anticipated a 0.1% drop. UK unemployment rate was flat at 5.6% during the April-June period, as expected. The Australian dollar was mixed against all of its major counterparts. |
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