Aussie holds 100 point range
 |
Oil rallies to US$118 a barrel |
| |
US Core Durable Goods Orders m/m higher than excepted |
| |
US Crude Oil Inventories lower than expected |
Market Update
Yesterday the Aussie dollar bounced back slightly as the USD stalled in its current rally against all major currencies. This Aussie was assisted by higher commodity prices which gained ground in Asian trade. The Aussie has been sold aggressively over the past couple of weeks as traders switched from shorting the USD and long commodities trade. Analysts believe that the Aussie is unlikely to regain previous highs as domestic interest rates are set to be cut in the near future.
Overnight, US Core Durable Goods Orders m/m was up 0.7% vs -0.5% and US Crude Oil Inventories were down -0.1M Vs 0.9M. In the Euro zone German Preliminary CPI m/m was down -0.3% Vs a -0.2% forecast.
Today domestic Private New Capital Expenditure q/q is released at 11.30 with a 2.0% forecast. This report will show whether Australian companies are paring back investment plans in the presence of a sharp slowdown in the Australian economy.
This afternoon UK Nationwide HPI m/m will be shown at 4.00 pm which will give a better insight as to how the UK housing market is holding up amongst the current global slowdown.
Tonight US Preliminary GDP will be released with a 2.6% forecast and US unemployment claims will be out with a prediction of 427,000 claims.
Trading Range
0.8530 - 0.8610
Current Weeks Releases
| Local Data |
Due |
Exp |
Prev |
|
Construction Work Done q/q
|
Wed |
1.5% |
2.3% |
| CB leading Index m/m |
Thu |
- |
-0.1% |
| Private New Capital Expenditure q/q |
Thu |
2.0% |
-2.5% |
| Private Sector Credit |
Fri |
0.5% |
0.4% |
| |
|
|
|
| International Data |
Due |
Exp |
Prev |
| US Existing Home Sales |
Tue |
4.92M |
4.86M |
| NZ Trade Balance |
Tue |
-0.5B |
-0.22B |
| German Ifo Bueiness Climate Index |
Tue |
97.1 |
97.5 |
| US New Home sales |
Wed |
530K |
530K |
| UK Nationwide HPI m/m |
Thu |
-1.5% |
-1.7% |
| NZD Building Consents m/m |
Fri |
- |
-20.1% |
| CA GDP m/m |
Fri
|
0.1% |
|
