Spreadex Market Update
Australian trade balance significantly beat expectations
Australian trade balance significantly beat expectations when it was released last night with the figure coming in at $1.2billion – the 2nd month in a row that the balance has been above £1bn. Australian retail sales were also released alongside the trade balance, coming in slightly lower than expected at 0.2%.
The S&P closed at a record high last night after seeing consecutive gains throughout the week as Friday’s Non-farm payrolls data looms. With the figure expected to come in stronger at 199k, this could be the catalyst needed for further gains as the Dow Jones edges towards record levels.
Looking towards the day ahead, GBP services PMI are due to be released at 9:30am which is expected to come in at 58.2. Following on from that, we have the hotly anticipated ECB press conference where Draghi is expected to talk about any additional action on its policies.
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