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Market Opener – 02 Jul 2019

 
Local Markets Commentary
The Australian market commences today’s trade following anticipated positive overnight international equities trade, and mixed commodities price moves, ahead of this afternoon’s Reserve Bank of Australia’s (RBA) policy meeting outcomes statement 

The RBA’s post-policy meeting statement is due 2.30pm AEST.

In addition, governor Philip Lowe is scheduled to address an RBA board and business community dinner in Darwin, 7.30pm AEST.

Also locally today, a weekly consumer sentiment reading will be released pre-trade.

Politically, tax cuts legislation will be presented to parliament, amid a government push for approval by week’s end. 

In overnight commodities trade, oil gained.

US gold futures (August) dropped.

Iron ore (China port, 62% Fe) continued higher, beyond $US119.40/t.

LME copper and nickel fell. Aluminium was pushed slightly lower. 

The $A traded below US69.70c after falling beneath US70.00c early yesterday evening.
 
2/07/2019 8:00:00 AM

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