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Bi Monthly Market Update | Optimism over a faster than expected recovery…drives the Aussie dollar higher

By Jody Fewster

Optimism over a faster than expected recovery…drives the Aussie dollar higher

  • As expected, the RBA kept interest rates on hold yesterday with an optimistic tone to the minutes.
  • First Quarter GDP just announced shows a contraction of 0.3%. The average fall across the OECD is 6 times this number.
  • If economists’ predictions of a 10% contraction in June eventuate, we will be in recession for the first time in 29 years.
  • The S&P 200 ASX is up again today at 5,909.7 as I type.
  • The Aussie dollar has recovered to close yesterday at a 4-month high of 68.04 c.
  • Iron ore is over $100/t based on supply issues out of Brazil plus manufacturing data out of China shows signs of recovery of their economy and that is driving WA exports. The long-term average is $US64/t.
  • Gold hit $US1,700 (AUD$2,600) recently trading at its highest levels since 2011 (the all-time high is $US1,985).
  • Company profits rose 1.1% in the March quarter as restrictions to slow the coronavirus hampered trade. These beat economists’ predictions of 0.5%.
  • ANZ consumer confidence index lifted for the ninth straight week. It marks the longest run of consecutive gains on record.
  • House prices in Perth have come off only slightly (and not in the Western Suburbs) and stock levels remain tight.
  • Despite the rain and long weekend, our home opens were busy the last weekend with 133 buyers attending.
  • Ray White Now explains why, now is the right time to sell –
  • Now more than ever experience, knowledge and network count.
    Call me for your personal strategic plan.
Authored by Jody Fewster
Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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