The activities today were imaging a subdued global market. Risk appetites are reduced and the geopolitical events are in play as disputes between the US and its biggest trading partners continue.
On the macroeconomic front – Australia’s central bank left its key interest rate unchanged at a record low of 1.5 percent yesterday. However, their GDP numbers released today, showed that their economy grew at the fastest annual pace in almost two years. But uncertainty over household consumption and global trade dimmed the outlook for future growth. Their annual growth jumped to 3.1 percent from the December quarter’s 2.4.
Meanwhile, the US dollar gained some support of the back of their better-than-expected economic data, released early morning. Their Market services purchasing managers index for May rose to 56.8 from 54.6. While their non-manufacturing index for the same month rose to 58.6.