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AUD storming the barricade
Despite a slightly stronger US dollar and a night of profit taking in commodities the Australian dollar is taking another crack at 80 US cents. This matches the gentle risk on mode of market trading over the last 24 hours. European shares rose and bonds sold off after data from China pointed to a modest economic acceleration.
Futures markets are pointing to gains for most Asia Pacific share markets today. The stimulatory impact of US tax cuts and stronger growth in China’s industrial production may see investors zero in on financial and resource shares today. Energy shares could act as a barometer of overall sentiment. In an even handed weekly oil market report US inventories were depleted by more than 7 million barrels but daily production leapt back to near record levels.
The Australian share market may finally shake off its recent underperformance. The strength of the AUD is a concern that could increase if there is a sustained move through the current resistance. However support for the two most significant locally listed sectors should mean a better relative rise.
By Michael McCarthy (chief market
strategist, CMC
Markets)
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