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Markets Today: Stay

Markets have largely paused for breath overnight, with US Treasury yields flat-lining and the US dollar ever so slightly firmer.

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The pick-up in market price action has continued overnight in FX markets. For the AUD, it’s now pretty much all about the Guy Debelle speech today.

Markets have largely paused for breath overnight, with US Treasury yields flat-lining and the US dollar ever so slightly firmer.

The USD sell off that began yesterday during our day session continued overnight following senate Republicans’ failure to push through their healthcare reform.

It’s been something of a sideways/choppy night.

Old King Coal – coal still a big part of China’s energy mix but its role is on the wane

For an avowed AUD bear, Friday was about as depressing a day as it has been all year.

It’s a nod to Bastille Day today and with the US President visiting France, declaring in a tweet his “unbreakable” relationship with the French President.

Gold began 2017 strongly, up 8% in the first half – despite falling 2% in June. This weakness has continued into early July, with the strong US payrolls data exerting further weakness on gold. However, gold received some support following Fed Chair Janet Yellen’s semi-annual testimony, which the markets interpreted as somewhat dovish.

Global upturn remains in place despite the risks.

Australian housing market sentiment (measured by NAB’s Residential Property Index) fell noticeably in the June quarter after climbing to a 3-year high in March.

The Canadian dollar is the standout winner in FX markets after the Bank of Canada raised rates by 0.25% to 0.75% as widely expected but didn’t deliver the ‘dovish hike’ some were expecting.

After trading to an overnight low of 0.7605, the AUD has staged a decent recovery reaching an overnight high of 0.7643 and settling around 0.7640 currently.

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