IIFT Daily Note with Peter Brown

Aussie rate cut .50% sends stocks and Euro higher

Posted by:  |  Time: 7:38 am  |  Topic:
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A bigger than expected rate cut in Australia (even their economy needs serious stimulus) took some of the negative mood from the market.

It is likely to be short lived. Today might be quiet with most of Europe closed but the rest of this week will be fascinating.

Thursday is ECB rate day. We are not expecting a cut but the tone of Draghi’s speech will be very interesting. Then on Friday is the monster of all. Non farm payrolls, couldn’t be more important. With the raft of bad figures in the US lately the figure this time takes on extra significance.

So a quiet one today, higher ranges should hold 1402 on the S&P and 1.33 on the Euro. Sit back and relax today we  will need it for the rest of the week!

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