It has been a busy 24 hours in Canberra with Malcolm Bligh Turnbull soon to be sworn in as the 29th Prime Minister of Australia and our 5th Prime Minister in 5 years. One upside hopefully will be the end of repeated media speculation and reports about the leadership challenges (well… give it 12 months and it will start again)
At 4pm yesterday the AUD/USD was trading at 0.7060 but as political events unfolded the AUD started to rise and is now trading at 0.7152 at a two week high.
Elsewhere the markets are bracing for the FOMC (Federal Open Market Committee) meeting at 4am Friday where speculation continues on when the US Federal Reserve will raise official interest rates for the first time in almost a decade.
In China, data released by the Chinese National Bureau of Statistics over the weekend showed factory production and fixed-asset investment was slowing, however many commentators suggested this was due to forced temporary shutdowns of polluting factories ahead of the World War 2 commemorations held on September 3
Please find the following for your perusal;
DJ LME Copper Down On Poor China Data — Market Talk
1019 GMT Copper futures are lower on the London Metal Exchange, trading down 0.7% at $5,334/ton, on the back of weaker-than-expected industrial data out of China, which reignited fears about the state of the country’s economy. Looking ahead, the price of the industrial metal may receive some support. “Rebounds may have further to go as prices [have] become oversold and there is potential for more short-covering and some restocking now the summer slowdown has passed,” William Adams, head of research at Fastmarkets, says in a note.