Summary:
AUD hit a one-week low on Friday. RBA to keep key rate unchanged till September as per Reuters poll, with at least 2 cuts expected in Q4.
The Australian dollar hit more than one –week low on Friday. The RBA will hold its key interest rate at least until September, according to a Reuters poll of economists that who see at least two rate cuts in Q4.
The country’s GDP eked out modest growth at the end of 2023 as consumers drew down savings to keep spending. A rise in exports and a drop in imports contributed the most to the tally.
China's top diplomat will visit Australia and New Zealand next week, officials from both countries said on Thursday. The trip is expected to turn a new leaf in economic relations between China and Australia.
Treasury Wine Estates said China's Ministry of Commerce has released an interim proposal to remove tariffs on Australian wine, raising hopes nearly three years of stiff duties would soon end.
But the tables have turned on iron ore with prices coming under pressure from a combination of fundamental and sentiment factors in China that are likely to persist over the short term.
The Dalian Commodity Exchange futures contract fell to ¥819.5 a ton on Wednesday, a five-month low and down 19.2% from the peak so far this year. China’s port inventories have been surging in recent weeks.
The Aussie dollar could find early support at the key 200 SMA, while the loss of the region could pave the way for its further depreciation towards the yearly low at 0.6442.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
Oil prices steadied on Friday, set for a weekly loss, as the Fed and ECB's cautious stance fueled global economic concerns.
2024-12-20
The October PCE price index rose 2.3% YoY, as expected. Excluding food and energy, core inflation climbed 2.8% compared to last year.
2024-12-20
US stocks plunged, with the Dow Jones hitting a record low. Many strategists see potential for further gains, while Tesla's stock hit a new high.
2024-12-19
