See the latest Australian dollar analysis here:
by Chris Becker
Leading into the afternoon session, Aussie stocks are going nowhere, unable to move higher despite another big surge in mainland Chinese issues and the lift from Wall Street overnight, as traders remain cautious going into today’s RBA meeting (2.30pm AEST):
The Shanghai Composite has gapped nearly 2% higher at the open almost hitting a two year high, following through on its stonking 5% gain yesterday as the CCP pushes its citizens into buying up big on stocks:
Meanwhile, the PBOC has strengthened the Yuan, setting the reference rate for today much lower at 7.0310 vs 7.0663, with offshore trading tanking down to the 7.01 level sharply:
Japanese stocks are off around 1% while gold remains static at its new monthly high as it inches towards the previous record high.
Meanwhile you have to laugh at some of the economic forecasts coming out that say that either Biden winning in November means that US equities will continue to froth higher, or that a proper economy recovery in the US will actually see Wall Street tumble as the punchbowl is taken away. What about a second Trump term?