The US Markets were closed for the long Labour Weekend and hence a very slow start to the trading week. German Trade numbers released, showed a continued weakness, but not as bad as expected, as the cooler seasons approach. Energy prices appear to be on the rise again, in Europe, and with the prospect of subsidies falling away, it could be a very tough winter. Energy prices were the source of the big jump in inflation and oil prices are pushing north. The US Dollar remained steady, with the EUR trading below 1.0800, while the GBP pushed back above 1.2600.
The RBA meets today to release their latest interest rate decision. They are expected to leave rates unchanged, with the transition into new leadership coming. Inflation remains a problem, in the Australian economy, but the response to inflation has been raising interest rates, causing much pain in a heavily indebted economy. Political pressure has been exerted and the new Governor of the Reserve Bank is expected to be more bearish. An uptick in global energy prices could expose the folly. The AUD opens the week trading around 0.6450, awaiting the RBA decision, while the NZD holds above 0.5930. NZ Terms of Trade numbers were released yesterday, and surprised to the upside, but still remain negative.
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