The US economy grew faster than initially expected for the third quarter. Data issued yesterday shows that the US economy has grown at annualized pace of 3.3% during the previous quarter. The stronger data has helped support for the USD that has managed to shrug off a 3-week sell off. So far this week the USD is in the positive, however may be too soon to call it a day as we look on to the US senate vote later this week. The vote is with regards to the much awaited tax bill.
Shares were mixed overnight as the rally which lifted equities to multi-year and record highs stalled. Nikkei 225 closed just above its best level since January 1992. Trump’s Asian tour and geopolitical tensions in the Middle East has muted the market rally so far. Trump called out China and Russia to cut any form of support to North Korea, as trade talks with China could prove to be a sensitive matter.
Earlier this morning the Reserve Bank Of Australia left the Official Cash Rate unchanged at 1.5% and offered little new by way of its accompanying statement. Initially AUD saw some support after the statement however this soon fizzled out.
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US stocks closed at record highs as shares of Apple and Qualcomm led the way. Nasdaq Composite outperformed its counterparts closing 0.74% higher with S&P and Dow closing 0.31 and 0.10% higher respectively. Apple shares rose more than 2% on better quarterly earnings.
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President Trump nominated Jerome Powell to succeed Janet Yellen as the new Fed Governor to chair the US Federal Reserve, which came as no surprise to market participants.
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No changes out of the Fed communication yesterday as the committee concluded its 2-day policy meeting. No rate changes were really expected but the Fed stepped-up talk of stronger economic growth and labour markets and in the process heightened the already existing expectations for an end-of-year rate hike.
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The sentiment was one of optmism in Asia as the major equity indices delved into positive territory. Lifting the mood was a reading of 51 on the Caixin China PMI MFG index which came in line with expectations – the reading was for the month of October. The data was well recieved as a day earlier the official PMI had fallen just short of expectations.
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The dollar eased away from a three-month peak hit last week early on Monday, as the euro licked its wounds following last week’s debacle as the European Central Bank and unrest in Spain’s Catalonia led it to post its worst week this year.
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The euro had to face deflated expectations after ECB chief’s comments in a press conference following the Governing Council’s meeting yesterday.
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This Thursday, European Central Bank (ECB) Mario Draghi is expected to reveal details of a reduction in monetary stimulus, in what may turn out to be the most eventful meeting of the central bank this year.