Westpac’s weekly market update highlights the key market drivers at the moment, namely the US-China trade developments and Brexit. The report prepared by Sean Callow highlights various catalysts to help foresee near-term market moves.
The US and China are still talking about a trade deal, which is a positive outcome.
The next key date appears to be the APEC summit in Chile mid- November.
The positive tone from both China and the US on trade relations should continue to support risk appetite.
There may be more lasting support for the Aussie from a change in market expectations for RBA monetary policy.
Pricing for a November cash rate cut was around 45% mid-week but was trimmed to a modest 25% after the unemployment data.
Johnson’s government has suffered several big defeats in parliamentary votes in recent months, so his luck will need to change on Saturday.
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