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Investors hold fire ahead of data release

15.06 AEST, Tuesday 14 August 2012

Investors hold fire ahead of data release
By Ben Taylor (Sales Trader, CMC Markets)

Equity volumes remain low and investors are holding fire ahead of this afternoon’s EU GDP data and tonight's US retail sales result. The bright spot in today’s market has however been driven by the defensives as opposed to last week’s risk rally where the miners and energy plays helped guide the market higher.

Following the recent run up in equity prices it doesn’t feel like there is sufficient reason to take a position today given the high degree of influence tonight’s international data releases will bring.
Defensives are helping to keep the market in positive territory; we are seeing buying in healthcare, property and TLS as traders switch part of their risk portfolio back into less risky assets.

The Aussie dollar has been falling today as traders take risk off the table ahead of an expected negative European GDP result despite the Nab business confidence index rising to +4 from negative 3 last June.

The US retail sales data will be watched closely to provide an insight into the mood and behaviour of US shoppers and therefore the overall economic health and prosperity of the country.

Australia is currently in a spot of bother when both China and Japan, two of the world’s largest commodity importers announce weakening economic data at the same time. Anticipation of further stimulus is keeping the markets at elevated levels. Any lack of response or stalling of these expectations will be met with fast selling.


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