MARKET UPDATE 05-Sep-18
The Aussie dollar is reporting gains across the board, courtesy of a better-than-expected June quarter GDP. The Australian economy grew by 0.9 percent quarter-on-quarter, beating the estimated growth rate of 0.7 percent.
Meanwhile, the US dollar largely held onto gains this morning as concerns over emerging markets and risk to global trade relations weighed on risk sentiment. The dollar is expected to remain firm, especially with that surprise beat in the manufacturing data. Their manufacturing activity accelerated to more than a 14-year high in August, boosted by a surge in new orders.
The positive figures helped the US Treasury yields rise to three week high, painting a more optimistic outlook for the US economy.