The dollar has rebounded on Monday, led by diminishing safe-haven demand in the Yen and Swiss Franc as risk aversion seems to have eased after various US officials attempted to talk down the risk of war with North Korea. Reacting to the easing of tensions, Gold has traded heavily, under pressure from the stronger dollar, as has WTI which fell 2.5% after data showed that Chinese demand for oil eased in July and came on top of concerns over a rise in OPEC output, which continues to weigh on sentiment.
Tuesday will kick off with the Japan June Industrial and the Australian New Motor Vehicle Sales for July. Much of Europe will be out for the Assumption day holiday although the German Q2 provisional GDP will be released (exp 0.7% qq, 1.9% yy), as will the UK CPI (exp 2.5% mm, 2.7% yy ), PPI and RPI. The US will focus on the July Retail Sales (exp 0.3% mm, 0.4% ex-autos), but will also see the New York State Empire Mfg Index (Aug – exp 11.0), the Aug Business Inventories (0.4% mm), NAHB Housing Market Index (exp 65) and the API Weekly Crude Oil Stock Inventory. Kiwi traders should look out for the Global Dairy Trade Index, due midday, London.
The levels in this table are a guide only. For more in depth analysis please go the “Articles” tab at the top of the page and scroll down.
I will be away for the next 5 weeks and the service will be limited. Daily updates, mainly trading ideas will be posted at various stages during teach session.
|INDICES / COMMODITIES|
|ASX SPI: 5698|