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Bi Monthly Market Update | RBA minutes drive ASX gains

By Jody Fewster

RBA minutes drive ASX gains

  • The ASX-200 hit a fresh 11 1/2 year high today as the RBA minutes indicated further rate cuts are likely. The ASX-200 is now within 180 points of the record 6827.7 locked in before the GFC took hold in 2007.
  • Economists are betting on another rate cut in August. All eyes are on the US Federal Reserve who meet this week to see if they cut their rates.
  • The Aussie dollar dropped to a near 10 year low on the news and is now trading at  US68.69c.
  • There is no clear view of US/ China trade negotiations nor any certainty about the UK leadership and its handling of Brexit.
  • Geopolitical tensions are rising with Iran’s latest actions in the Gulf.
  • There has been a visible uptick in the number of buyers in homes opens since the election and interest rate cut, and mortgage brokers are telling us they are seeing more applications.
  • We are appraising new homes across the Western Suburbs – Call me for a plan to get you moving.
Authored by Jody Fewster
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