Risk-on mood prevailed on Wall Street as traders decided to give a break to the geopolitical worries and instead focus on the macroeconomic events.

The US Factory Orders came below estimates at -0.8% versus -0.5% forecast for April. European markets were mostly upbeat and was also supported by signs of stability in the Italian politics.

Closer to home, Australian Government spending on operational items rose 1.6 percent in March Quarter. Investment in assets by Government and public enterprises slipped 2 percent to A$22.26b and overall making a small addition to the economic growth.

This will feed into the Gross Domestic Product data which will be released tomorrow following Reserve Bank of Australia’s policy decision today where the central bank is widely expected to keep its benchmark interest rates steady at 1.5 percent.

FX Rates – 05.06.18


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