Sunset Strip | Aussie Afternoon Institutional Market Wrap

Mathan Somasundaram

Aussie market jumped on the open and then traded sideways. The market sentiment was still lacked conviction despite weak US employment data. Market was expecting 180,000 while the data came in at 151,000. We did warn that historically August non-farm payroll is weak and the smart money had it around 150,000….so it wasn’t a big miss, but not the solid data US Fed likes to see before moving either. As we also warned last week that the market will turn on a dime if the non-farm payroll was weak….and it did today. We continue to see weaker USD…AUDUSD touched 76 cents after market. US markets are closed tonight for Labor day weekend and that means the markets are not sure if the US will rebound or continue on the profit taking slide that has been expected for the past few months. We continue to see a data independent rate hike in Dec….and the negative sentiment remains till US market breaks above the current trading band!!!.…....…. (VIEW LINK)


Comments

Please sign in to comment on this wire.