The latest US 2Q GDP estimates came in lower than expected, giving some pause to the recent surge across stock markets as the USD remained relatively weak against most of the major currency pairs. Euro and Pound Sterling were able to hold on to their weekly highs but the Australian dollar pulled back below the 65 cent level on yesterday’s weaker than expected CPI print.
US bond markets saw further drops across the yield curve with the 10 year Treasury pulling back to the 4.08% level while oil prices were more buoyant with Brent crude lifting above the $85USD per barrel level. Gold was able to extend its recent gains to a new three week high above the $1940USD per ounce level.
Looking at share markets in Asia from yesterday’s session with mainland Chinese share markets are flat going into the close with the Shanghai Composite barely up at 3137 points while in Hong Kong the Hang Seng Index at one stage was doing better, but also managed to close with a scratch session at 18482 points.
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