Mathan Somasundaram

Aussie market got smacked on the open before making a slight recovery through the day. Investors were rushing to the door before the ECB update and US jobless data update tonight. We also have Chinese CPI and US Fed economic forecasts tomorrow. The risk in the market means that fund managers were reducing exposure before the macro news and then come back later. AUDUSD is heading above 77 cents and may even move higher on further weak US data. Despite the patchy US economic data weakness, we continue to see a data independent rate hike in Dec. RBA has been pushed to the sidelines as US Fed starts the long walk backwards to move away from another rate hike potential in Sep. Interesting moves of the day… (VIEW LINK)



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