Having shrugged off the China downgrade by Moody’s yesterday and then having traded steadily through Mario Draghi’s speech, in which he pretty much maintained the status quo as far as the ECB is concerned, the dollar ended the day weaker after the release of the cautious FOMC Minutes, which were taken by traders as being slightly dovish. Stocks ended unchanged but firm, with the S+P nudging 2405, while the metals were a bit higher, underpinned by the softer dollar. WTI is unchanged, waiting for the OPEC Meeting later today.
It is a holiday in much of Europe (Ascension Day) on Thursday but could still be a busy session, beginning with the NZ Budget Release, which might provide something directional for the Kiwi. From Australia we get a speech from the RBA Asst. Governor, Debelle but that is about it until Europe get in, when the main focus will be on the UK Provisional Q1 GDP (exp 0.3% qq, 2.1% yy) and the Total Business Investment (exp 0.2% qq). The US will have a busy session, and aside from disseminating the FOMC Minutes we will get the release of the Wholesale Inventories (Apr -exp 0.2%), Goods Trade Balance, Kansas Fed Mfg Activity Jobless Claims and a speech from the Fed’s Bullard. On top of all that, don’t forget that the OPEC Meeting will take place today in Vienna, meaning that WTI could become pretty volatile later in the session once a statement is issued.
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|ASX SPI: 5784|