In an endorsement for British PM David Cameron, the G7 leaders meeting in Japan said that a British exit from the European Union poses a serious risk to growth. This is an obvious endorsement for the NO campaign who have also been supported by most economists in the UK. It is the uncertainty and the scale of the economic impact that is causing the most headache for the economists leading up to the poll on 23 June.
us domestic growth better than forecast
The US March quarter GDP data showed that the US economy grew at 0.8% annualised compared to a forecast 0.5%. After tax personal income grew by 4% and household consumption grew by 1.9%. US Fed Governor Yellen stated that the ongoing improvement in the US economy would warrant an increase in the US interest rates in the coming months. At the end of the day, the sluggish outlook for worldwide growth still will be an important consideration before a rate rise occurs.
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 Shanghai Composite Brent Oil (USD per BBL) Gold Spot (USD per oz) *Iron Ore 60% MBIOI-IR index USD/t (Updated Wednesday) | As at 27 May 1.75 1.97 2.25 1.85 0.7227 0.6458 79.31 4.74 5,405.91 2,099.06 17,873.22 2,821.05 49.32 1,212.38 47.45* | As at 20 May 1.75 1.99 2.3 1.84 0.7239 0.6456 79.72 4.737 5351.31 2052.32 17500.94 2825.48 48.72 1251.98 48.50* |
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