APAC Market Watch
US equities continued their relentless move higher overnight with the S+P 500 adding another .3%.
Tech stocks were once again the driver, but the more broad-based indices also showed strength with the Russell 2000 having its best 4 day run since 2020.
In Australia yesterday the ASX 200 gained 0.7% and closed with a fresh record high.
US rate markets have now fully priced in a rate cut for September, and are pricing in two cuts by the end of 2024.
The US dollar gained ground against most majors, possibly on the perception of a Trump victory in November.
Locally, fears of an RBA rate hike are receding with markets now pricing in a 25% chance of a hike by the end of the year, down from 50% a few weeks ago.
The Aussie dollar has remained range bound within the 67 cent handle supported by stronger equities but restrained by a higher USD.
Commodities were mixed to slightly higher overnight with Gold up 0.4% and iron ore 0.8% higher.
