From David Scutt, Treasury Dealer at Arab Bank, here’s a quick run-through of what’s got the Australian market buzzing this morning, including new vehicle sales and more bank earnings.
– Amcor, Bendigo & Adelaide Bank, Bluescope, Challenger Financial, Dexus Property and Fleetwood Corporation all report earnings today.
– The ASX 200 looks set to start the week modestly in the red with SPI futures pointing to a fall of 7pts on the open. While this is reflective of modest falls on Wall St and hefty dividend payouts today, with most commodity prices continuing to push higher and the Aussie dollar holding firm, it wouldn’t surprise if we manage to eke out a small gain by the end of today’s trading session.
– The AUDUSD looks set to resume its battle with sellers above the .9200 level today with the pair currently fetching .9181. Should it successfully managed to crack this level – something it was unable to do on seven-separate occasions on Friday evening – it’s likely stop loss buying above .9220 will propel the pair higher before running into further selling below key resistance at .9300. On the contrary, should sellers above .9200 continue to repel the advance, it’s likely that the pair will find strong buying interest on any move back towards the .9150 level.
– Australian new motor vehicle sales for July will be released at 11.30am this morning. On the regional front we’ll also receive New Zealand producer prices and Japanese trade figures for July.
– There are no major data releases scheduled for this evening. Enjoy your sleep.
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