Tags Posts tagged with "AUD"

AUD

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The Bank of Canada surprised markets for a second time this year by cutting their target “overnight” rate of interest to 0.5% from 0.75%. The Canadian dollar fell sharply on the news as did other high yields.

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The Bank of Canada will meet tomorrow to decide interest rates. Rates are expected to be held at 0.75%. However following January’s surprise interest rate cut markets have been positioning cautiously.

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The Chinese authorities appear to have put a floor under the brutal correction that took the index down thirty percent since the levels of mid-June. At least for the time being that is.

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Markets will be nervously eying events in China this week with particular emphasis on the Chinese authorities and any possible intervention.

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China was the main theme over the session once more. Markets drew some relief after the main Chinese stock indices rebounded sharply. This followed intervention by Chinese authorities blocking institutional selling.

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Oil futures stabilized on Wednesday after experiencing some of the biggest falls in three months. Brent crude futures stabilized around the 56 dollar mark despite physical supplies of crude rising on the week.