Metals - specifically those related to the electric vehicle - performed very well overnight, with Nickel the standout up over 3% and back above US$12,000 a tonne. Copper, Zinc and Iron ore also pushed higher which may provide a little boost to Aussie equities and perhaps also the local currency through today. AUD/USD is trading at just over 0.7650 as this goes to print.
In other news we saw local New Home Sales figures yesterday with yet another decline in the number of new homes sold. The latest number showed a decline of just over 6% coinciding with a peak in building approvals and a generally softer housing market on the back of increases regulation and tightening from the banks.
Not a great deal of data is out today other than the RBAs Commodities Prices index. Iron ore makes up a large chunk of this index so it tends to reflect the price movement in iron ore. However, certainly other metals like those mentioned above which have been performing quite well may provide an offsetting force to that or iron ore prices which have been declining more recently.
AUD EXCHANGE RATES:
AUD/USD – 0.7655
AUD/GBP – 0.5762
AUD/EUR – 0.6574
AUD/NZD – 1.1180
AUD/JPY – 87.022
Gold – A$1659/oz
Silver – A$21.83/oz
WTI – US$54.71/barrel
DATA RELEASES TODAY:
AUD – Commodities Prices Index at 4.30pm
USD - ADP Non-Farm Employment at 11.15pm
USD - ISM Manufacturing PMI at 1.00am
***Above rates are indicative wholesale rates and intended as a guide only***
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