Aussie market maintains the negative run on “Fed Scare” and closed negative to deliver third straight negative week despite positive sentiment in commodities. The better than expected China data yesterday against weaker than expected US data overnight helped to support commodities. Better commodities drove resource sector higher while yield trade sectors (i.e. financials) and stocks (i.e. TLS) were seeing selling pressure ahead of US non-farm payroll data. The market has moved from bottom-up stocks update to top-down macro updates. There is no macro risk bigger than US Fed putting up rates. The market’s negative sentiment will turn on a coin if the nonfarm payroll data tonight is weak…market expectations are for 180,000.…....…. (VIEW LINK)
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