Market Recap: RBA Left Rates Unchanged And Equities Trade Lower
Indices in the US traded mixed yesterday with the Nasdaq the underperformer down 0.11%. Over in the Asia Pacific area markets traded in a subdued fashion, the Nikkei 225 fell slightly trading lower by 0.07% and the ASX lost 0.75% of its value. Overnight the RBA left rates unchanged and analysts are expecting rates to remain unchanged until at least the second half of next year.
Oil markets continued the move higher overnight, this morning spot WTI trades 0.23% higher at $75.63/bbl up another 0.23%. The move comes as the sanctions on Iran loom.
The downside momentum in gold has eased overnight, the precious metal trades 0.36% higher this morning although still has not broken the $1200/oz level and this morning trades at $1193/oz.
Copper is trading subdued as China still celebrates the public holiday for the week. On the daily chart, we have been retracing slightly and there is a support to keep an eye on at $2.7360/lb.
In today's session, we have UK construction PMI, weekly API inventory levels, Fed's Powell speaks, Fed's Quarles speaks and NZ GDT data....