Markets are pouring over every possible signal to predict whether US Federal Reserve is going to lift rates at the meeting on 21 September. Whilst the jobs data was weaker than expected, some analysts are advocating the fears of an overheated domestic economy due to continuation of low interest rates and the possible deferment of a rates hike due to weak global economic conditions. US Dollar surged on the weekend resulting in the Australian Dollar falling below US 76 cents and the time of writing this update, AUD is trading at 75.42 US cents. We believe the dollar will remain around this level until closer to the rate decision date in the US.
SYDNEY HOUSING AUCTION CLEARANCE RATES FALL
Auction clearance rates have fallen on the second weekend in Spring to 77% from over 80% last weekend. However the numbers are still higher than last years's in comparison. However the number of properties in the market remain low in Sydney at 567 compared to last year. Melbourne had 718 properties and achieved a clearance rate of 78%. The data shows that Sydney and Melbourne property market still remains strong.
MARKET DATA
| Australia Cash rate Australia 90 day bank bill Australia 10 y bond US 10y Govt bond AUD/USD AUD/EUR AUD/JPY AUD/CNY ASX 200 S&P 500 Dow Jones Industrial Average Shanghai Composite Brent Oil (USD per BBL) Gold Spot (USD per oz) Iron Ore | As at 9-Sep 1.50 1.73 2.05 1.67 0.7652 0.6782 78.18 5.1083 5,339 2,127 18,085 3,078 48.01 1328 57.78 | As at 2-Sep 1.50 1.73 1.89 1.60 0.7559 0.6751 78.18 5.0489 5,372 2,179 18,491 3,067 46.83 1323 59.39 |
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