6 things Australian traders will be talking about this morning

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Good morning.

To the scoreboard:

  • Dow: 24,357.32 +94.81 (+0.39%)
  • S&P 500: 2,672.63 +9.21 (+0.35%)
  • AUD/USD: 0.7515 -0.0008 (-0.11%)
  • ASX200 SPI futures (June contracts): 6,084 (+20)

1. It’s budget day: The action kicks off in Canberra at 7:30pm AEST. Here’s what we know is in the budget so far. Before that, Australia has an important data release with March retail sales at 11:30am and there’s also Chinese trade figures.

2. The US dollar hit a 2018 high overnight, as another round of weak data weighed on the euro with German factory orders missing expectations. Amid broader USD strength the Aussie ran out of steam and fell back towards US75 cents.

3. Brent crude oil climbed above $US75 and US WTI crude hit a four-year high above $US70 a barrel overnight before prices fell slightly after US President Trump said he’ll make an announcement on the Iran sanctions at 2pm tomorrow (4am AEST).

4. US stocks rose again in the wake of Friday’s “Goldilocks” employment data, which showed the economy is in good shape but inflationary forces remain muted. With another positive lead, the ASX looks set to continue its recent run higher.

5. And mining companies may get a boost after iron ore rose to a two-week high last night amid a more positive outlook for Chinese steel demand. In base metals, gold held steady around $1,313 an ounce while copper dipped in line with the moves in the Aussie dollar.

6. Bitcoin failed in its push towards $US10,000 and a short time ago this morning was trading around $US9,430. After Warren Buffett called the cryptocurrency “rat poison” over the weekend, Bill Gates said overnight that he would go short on BTC if there was an easy way to do it.

Have a great day.

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