Australian Dollar Surges Past 71 US Cents; ASX Set to Open Flat
The Australian dollar experienced a modest increase, climbing 0.7% to reach 71.24 US cents. This rise in currency value coincides with the ASX set to open with flat futures, as indicated by reports from before the market opening.
Market Performance Overview
The ASX 200 futures index was noted at 8,960 points, showing minimal movement. Notably, the financial landscape also reflected on global indices:
- S&P 500: +0.1% to 6,946 points
- Nasdaq: -0.1% to 23,081 points
- FTSE: +1.1% to 10,472 points
- EuroStoxx: +0.1% to 621 points
Commodity Prices
In commodities, the prices showcased varied trends:
- Spot gold: +1.3% to $US5,089 per ounce
- Brent crude: +1.3% to $US69.71 per barrel
- Iron ore: Flat at $US100.15 per tonne
- Bitcoin: -1.4% to $US67,650
Key Economic Updates
On an economic front, the Reserve Bank of Australia (RBA) Governor Michele Bullock faced scrutiny during a Senate estimates hearing. Bullock was questioned about the impacts of inflation on political landscapes globally. Senator Nick McKim raised concerns about the correlation between rising inflation and shifts toward conservative politics worldwide. However, Bullock refrained from delving into the political ramifications.
Corporate Earnings Reports
Several companies also reported earnings in alignment with market expectations:
- AMP reported an annual profit of $285 million, matching consensus estimates.
- ANZ announced a statutory profit of $1.87 billion, with an improved cash profit supported by reduced expenses.
- Origin Energy saw its profit nearly halve, reporting $557 million compared to $1,017 million in the prior year.
Leadership Changes
In corporate news, Lendlease’s CEO Tony Lombardo will step down in August. He has led the company for five years and aims to pursue new opportunities in Southeast Asia.
As the market opens today, analysts keep a close eye on economic indicators and global trends affecting the ASX and the Australian dollar.
