ORD MINNETT - MARKET UPDATE

The Australian stock market is on track to notch up its first monthly gain of 2016. The Australian dollar has also risen as a US Federal Reserve decision to hold interest rates steady and dial back the pace of planned rate rises to potentially two rate rises this year impacted global currencies. The Bank of Japan and Bank of England have kept their benchmark interest rates steady, as expected, while Norway cut its rates further. RBA minutes revealed the Australian central bank is upbeat about the local jobs outlook, but said another rate cut could still be on the table as inflation remains tepid. It also acknowledged that employment growth had stalled in January following a surge in late 2015. Finally, the ABS reported that Australia’s unemployment rate dropped to 5.8% in February.

 

 

To discuss further, please contact Kieran Hailes of Ord Minnett on (02) 8216 6337 or khailes@ords.com.au.