Weak start as overseas data disappoints

Weak start as overseas data disappoints

By Niall King (Sales Trader, CMC Markets)

Mixed data from China, Europe and the US has seen a cautious start in early trade on the Australian Market this morning. The miners are taking the brunt of the pain as the market appears to be swayed more by the weak Chinese PMI data and poor employment data from the Eurozone rather than the stronger than expected US PMI data.

In a week where macro economic themes come to the fore locally, the first item of business is the ABS monthly building approvals, due at 11.30am. A reading north of the expected 2.8% mark here may spur support for the Aussie dollar to remain above the $1.02 level for the rest of the day as many traders hold fire in anticipation of tomorrow's RBA rate decision.

Market interests overseas will this evening turn their attentions to Spanish Unemployment Change data with a gloomy reading likely to drag on the already ailing single currency.

ends

© Scoop Media