Australia in Focus : Antipodean Finals
Australia just booked the final spot in the World Cup Cricket against none other than New Zealand, the alternative being South Africa, which makes it a perfect Antipodean finish or, would have been, battle of the southern hemispheres.
Not sure about the results because AUDNZD hit a historic low on Friday.
Otherwise it’s been a glum week for the miners again as iron ore prices head to a 6 year low (since official record keeping began) for a record quarterly loss and we can expect more belt tightening to come as companies slash costs (mine closures, asset sales and job cuts) to tide through the downturn.
I do not think there is much view in the marketplace for the AUD at the moment as we head into the second quarter of 2015. We shall have the US employment numbers next week dominating along with lots of Fed speeches that will undoubtedly cause some volatility along with more Grexit worries if Greece does not deliver their reforms package early in the week, as they had promised.
RBA is widely expected to cut rates on their meeting on 7th of April (61% chance) and again before the first half is through. Bond yields fell to a record low before selling off into the weekend. And I am personally not sure about the rate cut when real estate risks are still on the rise, according to the RBA.