U.S. traders are already counting the hours to a long weekend of barbecues, boats, and fireworks on Friday’s Independence Day holiday. However, the market will be erupting with its own fireworks throughout this data-filled week.
The Aussie fell against 15 of its 16 major counterparts after the Reserve Bank of Australia predicted spare capacity in labor markets will endure and iron ore, the nation’s biggest export earner, dropped below $100 a ton.
The Aussie dollar remains in a broad upward trend ahead of a relatively data-heavy week, including important data from the United States, Australia, and Australia’s most important trading partner, China.
The stock market is looking weak for the last 24-48 hours. German DAX also reversed significantly lower in this week so it seems that stocks are turning slightly bearish, but most likely only for another correction.
Gold and silver have gotten destroyed along with the bond market. AUG13 gold is down a whopping $77 to $1,297. The currencies are having a big day as well with the Aussie is getting crushed, trading down 163 ticks to 91.18.