Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market started positive on slightly positive global sentiment and Oil price while the lack of optimism going into ECB meeting tonight drove the market into slight negative close. There were a number of central banks in action in the last 24 hours. Canada left their massive rate of 0.5% on hold while there economy is in recession. South Korea left their rate on hold at 1.50%, but they have other issues to deal with…like a nutter and his rocket launcher. NZ cut their rate unexpectedly to 2.25% from 2.50% and weakening milk prices risk to growth needed another kicker. We have ECB tonight and Super Mario needs to deliver. Global markets covered their shorts into the ECB meeting tonight and if he disappoints them, they will sell it down. AUDUSD is solid as a rock and ECB stimulus and negative rates are likely to push it higher. The US Fed rate update next Thursday morning looms as the big event to turn the dial.... (VIEW LINK)