Good Morning From A Beautiful Melbourne Morning... | US Data Strong... Market Gets Sold off? | AUD/USD Heading Lower... |

Niv Dagan

Peak Asset Management

Good Morning from a beautiful Melbourne morning… Pity about the market… Last night, US stocks fell the most in three weeks (Dow down 191 points), as better-than-forecast economic data and comments by Federal Reserve officials bolstered bets for an interest-rate increase this year. So we have better data now driving the market lower…. mmm…… "The looming Fed change is always out there," said Richard Sichel, chief investment officer at Philadelphia Trust Co, which oversees $US2 billion. "You have a couple of items that could be considered good, things are looking better, the dollar is strong, basically it's working against the market at the moment." • Better-than-estimated increases in capital goods orders topped the latest data. • Purchases of new homes rose more than projected in April, and a separate report showed home prices increased at a faster pace than forecast in the year through March. A gauge on May consumer confidence also advanced more than estimated. Economists expect the Fed to increase rates in September, according to a Bloomberg survey. The SPI is down 32 points

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Niv Dagan
Niv Dagan
Executive Director
Peak Asset Management

Prior to founding PEAK Asset Management, Niv headed up HC Securities, spent three years growing Halifax Investments capital markets division and also worked on the wholesale desk at Macquarie Bank, servicing a wide range of institutional,...


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