Markets closed out the week strongly, with equities on the rise, heading into what promises to be one of the most dramatic weeks of the year. We have US Presidential Elections, Guy Fawkes, RBA IRD and the Melbourne Cup all on the same day, Tuesday. It will be huge! US and European Bond Yields continue to rise, as inflation spikes higher and markets remain nervous. The EUR traded 1.0840, while the GBP bounced back to 1.2900, following the ‘tax and spend’ UK Budget.
Commodity prices remain under pressure, with the AUD trading around 0.6550, while the NZD holds 0.5950. The RBA rate decision is expected to be a hold, but they have surprised many before, under cover of the Melbourne Cup. All eyes are on the US, so fasten your seat belts.
