7/6/23. Finspiration Tuesday Evening Report.
It was RBA interest rate day today. As expected, RBA raised interest rates by +0.25%. Governor Lowe also stated there would be more interest rates to come this year. That takes IR up to where they were in 2012.
The hawkish tone of Governor Lowe caused the XJO to drop immediately down about 50 points. It finished the day down -0.46%.
Here's the intra-day chart:
You can see the big drop in the chart as Governor Lowe was speaking.
To put that into context, here's the daily chart:
In the broad scheme of things, today's drop wasn't too bad. XJO is sitting on the 8DEMA. A break below that would probably indicate further downside. That's usually a fairly good guide to the short-term direction of the market.
At this time for the evening trading session, UK and Germany are going in opposite directions. UK up, Germany down. UK is usually a better guide to Oz fortunes. BHP is currently up but still below its 8DEMA. Let's see how the overnight markets finish.
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