Tuesday, October 19, 2010
ACM Report - Strong earnings hold up market
The Aussie rallied and briefly broke through 0.9950 levels this morning after the RBA’s meeting minutes showed that the surprising hold at 4.50% from earlier this month had been ‘finely balanced.’ Unsurprisingly, the central bank went on to say that rates would need to be raised at some point in the future which helped the Aussie rally and has markets poised for a possible hike come November. AUDUSD cooled off as the extended Asian session unfolded and the US Dollar has performed in a rather mixed manner; the USDJPY has been ranging between 81.14-81.56, AUDUSD between 0.9844-0.9960 and EURUSD between 1.3897-1.4004 with the equities largely flat. During the US session we saw the Dollar weakening on the back of gains seen in the equity markets which were supported by strong earnings from company’s releasing their Q3 results. The results were enough to keep US stocks higher (Dow closed +0.73%) despite a weaker Industrial production reading from the US which showed a MoM drop to -0.2% from an expected 0.2% / 0.2% previous reading.
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