Data from the weekend pointed to continuation of strong auction clearance rates in both Melbourne and Sydney. The rates were 71% in Melbourne and 74% in Sydney. The number of properties in the market in Victoria were 825 whereas in NSW, 700 properties went under the hammer. In WA, in comparison only 42 properties were auctioned off with a clearance rate of 55% pointing to the downturn in house prices following the end of the decade long mining boom.
rba board weighed option to wait before may rate cut
The Dollar went above 73 cents when the RBA minutes of the May meeting were released. The minutes reflected the Board consideration to wait for further information before acting "on balance" to cut the rates at the May meeting. This means that the decision to cut rates at the May meeting was not unanimous. The market reacted by sending the dollar above 73 cents fearing that the bank may not cut rates in the near future.
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 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* | As at 13 May 1.75 2.01 2.27 1.70 0.7300 0.6418 79.39 4.7586 5,328.99 2,046.61 17535.32 2,827.11 47.83 1,273.45 51.92* |
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