Market Comment |
Australia |
| The S&P/ASX 200 index dropped 1.07% or 56.583pts to 5206.98 (day range: 5263.6 – 5159.4) on Monday. The index is below its 20d MA (@ 5357) and below its 50d MA (@ 5495). 40% of the index constituents are above their 20D MA (vs 37% the previous session) and 29% of the shares are above their 50D MA (vs 31%). Trading volume on the index was high, 38.1% above the 3 months averageAustralia’s HIA new home sales declined 1.8% MoM in July vs +0.5% in June, according to the Housing Industry Association.
Australia’s private sector credit rose 0.6% MoM in July (vs +0.5% expected, +0.4% in June), according to the Reserve Bank of Australia. On a YoY basis, it rose 6.1% in July (vs +5.9% both expected and in June). New Zealand’s ANZ business confidence was -29.1 in August vs -15.3 in July, released by Australia & New Zealand Banking Group. New Zealand: The number of home-building approvals surged 24% YoY to a 10-year high of 2,824 in July, according to the government. |
Foreign Exchange |
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| The US dollar rose against its major counterparts on Monday with the exception of EUR and JPY. On the US economic data front, The Purchasing Manager Index fell to 54.4 in August from 54.7 the prior month and Dallas Fed Manufacturing Outlook dropped to -15.8 in August from -4.6 the prior month.The Euro was up against all its major counterparts with the exception of the JPY. In Europe, euro zone consumer prices were up by 0.2% in August on a yearly basis (+0.1% expected), at the same pace than in July. German retail sales increased 1.4% in July after a 1% decline the month before (revised from -2.3%). Economists anticipated a 1.1% gain.
The Australian dollar fell against its major pairs with the exception of the NZD. |
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Intraday Technical Strategy
AUD/USD Intraday: key resistance at 0.7175.
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