Australia:. The Australian Dollar has opened marginally lower this morning amidst low European volumes as Hurricane Sandy closed Wall Street overnight. The local unit traded to a high of 1.0370 against the US dollar overnight to open at 1.0330 this morning.
RBA Governor Philip Lowe will speak tonight at 7:55pm. Markets will look for comments on last week's higher than expected Inflation data, and the increase in the RBA's market intervention in foreign exchange markets in recent months. We expect markets to continue to consolidate and the Australian dollar to remain sluggish today.
Majors: US equity and bond markets are closed and are not expected to re-open tonight in the markets first weather related closure in 27 years.
US economic data releases due for release this week may also be delayed, although US personal income and spending report for December was released overnight. Consumer spending in the US rose a seasonally adjusted 0.8% in September, whilst the savings rate plunged to a one year low of 0.4%.
Demonstrating the US consumer is outspending themselves by 0.4%. Ten US companies with Q3 scheduled corporate earnings due for release have delayed their announcements till later in the week.
US treasuries saw a modest rally in what was a quiet session. Oil prices were generally softer as 70% of US East Coast refineries closed down due to Hurricane Sandy. Brent fell 0.2% to USD 109.1 per barrel while WTI Futures fell 0.8% to USD 85.2 per barrel.
Spanish and Italian bond yields rose as Italian political turmoil, and Spanish hesitancy over seeking eurozone assistance put the countries back in the front line of the Eurozone debt crisis as leaders met in Madrid on Monday.
European equities declined in a relatively quiet session. The German DAX declined 0.4% to 7.203 whilst the FTSE declined 0.2% to 5,795.
Gold prices ended the session broadly unchanged at USD 1,709 per ounce, metals prices were generally weaker and commodity prices were mixed overnight.
30 OCT AU RBA Deputy Govenor Lowe speaking
JN Sep Jobless Rate
UK Oct CBI retail Survey
EC Oct Business Climate Indicator
GE Oct Unemployment Change
US Aug House Price %yr
US Oct Consumer Confidence
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