Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market opened positive on USD weakness and then gave it all away before making a slight recovery over the last few hours to close in the positive. The weak overnight US data further dents the false hope being raised by US Fed and the strong local GDP growth removes any further RBA move in 2016. The local data strength was as expected while questions are being raised as the main pillars of growth are unlikely to remain robust in 2017 (i.e. exports, housing, consumer spending and government spending). Despite the patchy economic data weakness, we continue to see a data independent rate hike in Dec. Interesting moves of the day… (VIEW LINK)