ASX is posed to extend rally on the back of strong closing of the markets in US & Europe. SPI is currently up by 18 points at 6189. In US, Dow Jones closed up 0.8%, S & P up 0.7% & Nasdaq up by 0.8%. In Europe, FTSE closed up 0.6%, CAC up by 1% & DAX closed up 0.8%.
In Commodities, Gold closed up by 0.2% to US 1292.38 an ounce, Bret Crude closed up 0.8% to US 68.39 a barrel while US Crude closed up 1.4% to US 60.14 a barrel. Iron Ore up by 2.5% to US 86.81 a tonne.
With strong commodities prices in both Gold and Iron Ore, AUDUSD also closed higher to 0.3% closing at US 0.7096 cents.
There are wrath of data to watch out for this week starting from Today’s PMI numbers from China. Tuesday we have PMI numbers out of US and in local market, New building numbers and RBA cash rate due out in Australia. The market is tipping a decreases in building approvals with a negative 1.7% downturn. RBA is also tipped to hold rate on 1.50%. On Wednesday we have our local Retail sales number with the market expecting a slight increase of 0.3% for 0.1% the previous month. During the evening, we have ADP non-farm number, this is also a good indicator on how the Non-Farm numbers are due on Friday in the US. Friday, we have the non-farm number due out with the market expecting 175,000 jobs created in March. The US is facing some pressure with only 20,000 created in the previous month. Unemployment is tipped to remain steady at 3.8%.
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DATA RELEASES THIS WEEK:
CNY – Caixin Manufacturing PMI
USD – Core Retail Sales m/m & Retail Sales m/m
USD – ISM Manufacturing PMI & Core Durable Goods Orders m/m
CAD – BOC Gov Poloz Speaks
AUD – Building Approvals m/m, RBA Rate Statement & Annual Budget Release
AUD – Retail Sales m/m & Trade Balance
USD – ADP Non-Farm Employment Change
NO MAJOR DATA
CAD – Employment Change & Unemployment Rate
USD – Average Hourly Earnings m/m, Non-Farm Employment Change & Unemployment Rate