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Australian dollar rolls as commodities bubble meets pin

June 16, 2021 - 09:00 -- Admin

Forex last night was a reflection of weakening US data, fading inflation and diving commodities. DXY was firm as was EUR: Australian dollar was hit on all major DM crosses: Oil is to the moon on strong US inventory draws. Gold is caput: Base metals were hammered: Big miners too: EMs stocks were hit: Junk

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Macro Morning

June 16, 2021 - 08:30 -- Admin

Mixed economic news overnight from the US saw Wall Street wobble and turn away from yet another record session high with the latest retail sales much weaker than expected. Currency markets were mixed although Pound Sterling and Aussie dollar fell back against USD while Euro was contained yet again. Bond markets saw a slight increase

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Reckless Labor stokes mining civil war to unseat Morrison

June 16, 2021 - 00:05 -- Admin

Labor knows well the power of mining. The Rudd Government was rolled when it tried to tax it. Now Labor is seeking to mobilise the same power to its own service, and that of Beijing. A few weeks ago, the leader of the opposition, Anthony Albanese blew a loud dog whistle to Australian mining. Actually,

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Aussie housing values now four-times larger than economy

June 16, 2021 - 00:04 -- Admin

The ABS yesterday released its property price data for the March quarter, which valued Australia’s dwelling stock owned by households at $7.9 trillion, whereas the total housing stock was valued at $8.3 trillion. As shown below, the ratio of the dwelling stock owned by households against Australian GDP hit a record 4.0 times as at

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Links 16 June 2021

June 16, 2021 - 00:01 -- Admin

Global Macro / Markets / Investing: Uneven vaccination rates are creating a new economic divide – The Economist The socio-economic consequences of COVID-19 in the Middle East and North Africa – Bruegel Walton Family, World’s Richest, Raises $2.1 Billion From Walmart Holdings – Yahoo Winners and Losers of the Work-From-Home Revolution – The Atlantic Wall

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Macro Afternoon

June 15, 2021 - 16:30 -- Admin

Asian share markets have diverged with Chinese bourses (except the satellite ASX200) dropping while Japanese stocks are helped along by a much lower Yen as USD continues to strengthen against the major currencies. Gold is struggling after selling off overnight and is barely moving at the $1866USD per ounce level with traders of all sorts

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Business Confidence hits 7-year high

June 15, 2021 - 15:00 -- Admin

Roy Morgan’s business confidence survey hit a seven year high in May, increasing 4pts (+3.2%) to 129.3 – the highest reading since January 2014 (131.5). This follows a whopping 39.4pts (+43.8%) increase on May 2020 when Australia was gripped by the coronavirus pandemic: Business Confidence in May 2021 was 15.5pts above the long-term average of

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Foreign buyer drought smashes apartment market

June 15, 2021 - 14:30 -- Admin

A new report from Knight Frank Research shows that the total value of offshore investment in Australian residential property fell below $500 million in 2020 – the lowest level in seven years. This was a key driver of a 19.6% decline in property developers’ investment in residential sites, which fell to just $4 billion amid

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Deloitte: Retail to ride wave of spending

June 15, 2021 - 14:00 -- Admin

Deloitte Access Economics is upbeat about the outlook for Australian retailers, forecasting that consumer spending will remain strong as the domestic economy continues to rebound and COVID-19 restrictions ease. The firm’s quarterly Retail Forecast report notes that lockdowns and travel restrictions have boosted retailers’ sales, which should result in a “bumper year” for the sector

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Bitcoin to end privacy

June 15, 2021 - 13:30 -- Admin

Nataxis with the latest on Bitcoin: Bitcoin: adjustment nearly over? Since mid-May, Bitcoin and crypto assets have been in crisis. After a high at $63,500, Bitcoin collapsed to almost $30,000, Ethereum went from a high of $4,400 to a low of $2,000. The capitalisation of crypto assets has fallen from a high of $2 tr

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