Australian Stock Market Report – Morning July 30, 2014

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By James Craig, CommSec Chief Economist | July 30, 2014 8:55 AM EST

* Major currencies were softer against the US dollar on Tuesday ahead of the Federal Reserve decision. The Euro fell from highs near US$1.3445 to US$1.3405, before ending US trade near US$1.3410. The Aussie dollar fell from highs near US94.05c to lows near US93.75c before ending the US session near US93.80c. And the Japanese yen eased from 101.85 yen per US dollar to JPY102.15, ending US trade near JPY102.10.

REUTERS/Rick Wilking
Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.

* World oil prices were mixed on Tuesday. Brent crude rose by US15c or 0.1% to US$107.72 a barrel as investors became more confident that European sanctions against Russia won't dent oil demand. But the US Nymex price fell by US70 cents a barrel to US$100.97 a barrel after a refinery fire in Kansas reduced demand for West Texas crude.

* Base metal prices fell by up to 1.9% on Tuesday with zinc posting the biggest decline. But tin bucked the trend, up by 1.1%. Gold prices eased on Tuesday in response to a mildly firmer greenback with the Comex gold futures price down by US$5.00 an ounce to US$1,298.30 per ounce. Iron ore rose by US$1.00 a tonne to US$94.30 a tonne.

Ahead: In Australia, no major economic data is expected.

Woolworths is scheduled to release quarterly sales figures. In the

US, the Federal Reserve hands down its monetary policy decision.

Data on economic growth (GDP) is released together with the ADP

employment report

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(Photo: REUTERS/Rick Wilking / )
Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009.
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