ASX recovers from early weakness…
A weak start to trade following more ructions from North Korea while a public holiday in the States provided no real direction early for our market. An interest rate decision with no change – as expected, an early sell off amongst the banks and lacklustre support from the resources complex kept the market choppy early – before recovering late in the day. It seems to me that selling pressure is evaporating and although the Nth Korean situation should imply risk off, at the faintest sign of selling, buying steps up and the market remains well supported – probably a function of high cash levels in the funds management community…
Interestingly, and I gave the MM community a heads up on this during last week’s Direct From The Desk however Sydney property seems to be cooling. As I said at the time, its always a bull market until you sell your own house!! The RBA today clearly articulating that property prices have continued to rise "briskly" in some markets, even if there are "signs that conditions are easing, especially in Sydney".
Aussie Dollar Intra Day
Aussie Dollar Daily Chart
On the broader market today, the Real Estate stocks led the way while most weakness was felt in the Utilities which lost -1.44% - an overall range of +/- 40 points, a high of 5706, a low of 5666 and a close of 5706, up +4pts or +0.07%.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Have a great night
The Market Matters Team
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