The AUD is marching higher again today though it’s not lifted much from overnight:
Aussie bonds are bid again as they sniff out the bunkering consumer:
Stocks are flat:
Big Iron is mixed. Presumably BHP is ex-div:
Big Gas is tracking oil higher:
Big Gold is still warm:
Big Banks are still in the dead cat bounce:
Big Realty is mixed:
And Big Retail is largely ignoring the demolition of Costa Group:
Expect more profit warnings in the sector soon.
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Elizabeth Knight has a look today at impact
My read this morning is that the CBA Christmas sales warning has toned it slightly (or something has) and that everyone seems to be quite certain the Chinese data and the oncoming Chinese stimulus spend will launch it to hitherto greater heights……
Other than that I would have thought it need to get back that 6 handle it had about a week ago real quick
same. I think everyone’s counting on the Chinese Kitchen Sink.
Only thing that makes sense to me.
AUD rolling for now to .7160 odd
Since hitting the 68s last weeks its been bought bl00dy agressively and been extremely resilant.
Initially I thought Central Bank Intervention but now not so sure.,
We are a rich cuntry…our mineral, tourist and agricultural wealth per capita is unsurpassed!
And housing! So valuable!
@Ed – Think your initial thoughts were correct. I believe the RB are shit scared of a low Oz $ especially in an election Year.
They throw everything at it to get it up – especially when Gold goes up. Can’t have paper fiat underperform POG.
I believe it is futile to apply logic to the short term movement of the AUD : those massive, sudden movement that is soon reversed can only be explained by algo trading, and we humans don’t the what the machines are thinking..
Martin North talks with Jess Irvine about Oz housing:
https://omny.fm/shows/please-explain/2019-the-year-of-the-housing-correction
Thanks. Glad to know that Martin actually puts a figure to his prognostications of the housing market falls.
The Aussie is traded (last number I worked out) 138 times the total needed to cover all imports and exports – about covers it I reckon.