Sunset Strip > Trading Day Wrap From Blue Ocean 20170904
Local market fell on the open with NK risk and then recovered part of the loses on the back of the positive commodity outlook. The data out of US remains patchy on the consumer outlook with another weaker than expected non-farm payroll while manufacturing PMI’s were solid. ECB hinted that they are unlikely to tighten near term and that weakness supported USD. Spot Gold and yields are bouncing on safe haven investing. China data remains robust and the supply side clean-up of polluting producers and Silk road project expected to support any domestic weakness. Commodities remain robust and base metals keep moving higher...Copper, Aluminium, Nickel etc…don’t be short!!! AUDUSD back up to high 79 cents…looks like we will see low/mid 80’s before any pullback to low/mid 70’s. Global markets likely to follow lower tonight on North Korea risk as US will be closed for Labor Day. Stay nimble as September outlook remains weak for markets before the next leg higher.
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