AUSSIE 3-YEAR TECHS: (U5) Bounces Further Off Support
* RES 3: 97.190 - High May 5 2023 * RES 2: 96.932 - 76.4% of Mar-Nov '23 bear leg * RES 1: 96.860 - ...
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AUSSIE 3-YEAR TECHS: (U5) Holding Bulk of Rally
- RES 3: 97.190 - High May 5 2023
- RES 2: 96.932 - 76.4% of Mar-Nov ‘23 bear leg
- RES 1: 96.860 - High Apr 07
- PRICE: 96.665 @ 15:37 BST Aug 12
- SUP 1: 95.900 - Low Jan 14
- SUP 2: 95.760 - Low 14 Nov ‘24
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
Aussie 3-yr futures gapped sharply higher on the back of the soft US NFP data, and this week’s CPI print should also prove supportive. Recent price action has narrowed the gap with resistance at 96.730, the Sep 17 ‘24 high, leaving 96.860 as the next key level. Any continuation lower would instead strengthen a bearish theme. This would refocus attention on 95.760, the 14 Nov ‘24 low. Conversely, a reversal higher would refocus attention on 96.860, the Apr 7 high.
ASIA: Coming Up In Asia Pac Markets On Thursday
| 0001BST | 0701HKT | 0901AEST | UK July RICS House Price Balance |
| 0130BST | 0830HKT | 1030AEST | Australia Bill Sale |
| 0200BST | 0900HKT | 1100AEST | Australia 2035 Inflation Linked Bond Sale |
| 0230BST | 0930HKT | 1130AEST | Australia July Jobs Data |
| 0335BST | 1035HKT | 1235AEST | New Zealand 2029, 2037 Bond Sale |
Source: Bloomberg Finance L.P./MNI
EQUITIES: Rate-Sensitive Sectors Buoyed By Fed Cut Expectations
Equity indices edged up Wednesday, helped by increasing expectations of the Federal Reserve resuming its easing cycle in September. The S&P 500 and Nasdaq saw fresh record high closes albeit off mid-morning session intraday highs.
- Unlike Tuesday, sectoral performances were a little more mixed though most were in the green. Within the S&P, materials (+1.7%) and health care (+1.6%) led gains, with consumer staples (-0.4%) and communication services (-0.5%) lagging.
- Homebuilders and other rate-sensitive sectors showed notable strength, as rate futures pricing showed a September 25bp Fed cut now fully discounted: the Dow outperformed the S&P and Nasdaq on strong performances by Home Depot (+2.9%) and Sherwin-Williams (+3.1%).
- Latest futures levels: Dow Jones mini up 483 pts or +1.08% at 45040, S&P 500 mini up 20 pts or +0.31% at 6488.5, NASDAQ mini down 5.5 pts or -0.02% at 23933.5.
