Australian Markets Weekly: 20 June 2016

Brexit and local farm conditions too Thursday’s UK EU Referendum will occupy market attention this week. A poll being conducted […]

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Brexit and local farm conditions too

  • Thursday’s UK EU Referendum will occupy market attention this week.
  • A poll being conducted by ComRes for the UK Sunday Mirror at the time news of the assassination of British MP Jo Cox hit the wires revealed a switch in voting favouring the remain vote. The percentage of those polled who said they would be ‘delighted’ if the UK voted to leave the EU fell from 45% before the news to 38% after. The Remain camp received a nine point boost.
  • Markets have thus opened this week with a risk-on tone, Sterling benefiting and the AUD/USD is trading back above 0.74.
  • We also report on a recent trip to the Riverina and NE Victoria. Clearly the arrival of good rains has lifted spirits with signs also that major local towns report some rise in business and confidence.
  • Australian farm sector prospects should be supportive for growth in the year ahead.

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