Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market was up and down all day and finished flat on a day with very little sentiment and news flow ahead of the Brexit vote. The global markets are continuing to get over the macro worries…mainly Brexit…rising currencies, rising markets, rising bond yields and improving betting odds. US Fed confirmed that there will be more backflips if the data weakens. We have seen the low in AUDUSD till RBA cuts rates in August…going higher short term…technical level is 78-79 cents again. We see a rotation from resources into banks in the next few weeks as the rising currency, low yields and subsiding macro worries forces the growth to yield trade. Spot gold is expected to have a short pullback on Brexit getting voted down…will offer another opportunity get in the long term thematic for gold. (VIEW LINK)