Markets remained volatile overnight, with concerns over economic and political crises unsettling European markets, being reflected in the bond market. US markets also suffered some uncertainty, with the Appeal Courts ban on Trumps central economic tariff policy. US Jolts Job Opening report was in line with expectations, so market look forward to the ADP and Challenger reports, for a hint to Fridays Non-Farm Payroll number. The US Dollar maintained the attraction, with the EUR trading 1.1650, while the GBP drifted to below 1.3400.
Australian GDP beat expectations, jumping to 1.8% for Q2, on an annualised basis. This number was much stronger than expected and the AUD reacted accordingly, jumping to 0.6550, while the NZD stalled below 0.5900. The stronger than expected GDP growth number was welcomed with big falls in the Australian equity market, tinged by speculation it may halt future interest rate cuts from the RBA.
