Gold jumps to a fresh record high, as does silver. Australia’s GDP growth is on track for 0.6% in the June quarter. And momentum is growing in Australia’s housing market.
In part two of our Deep Dive interview about a digital renminbi, ANZ’s Chief Economist for Greater China Raymond Yeung unveils the missing link: a lack of demand for renminbi as a reserve currency.
5 things to know in 5 minutes:
Gold prices rose another 0.8% overnight to a fresh record high of US$3,556 an ounce on persistent worries about geopolitics and Fed independence, says ANZ Commodities Strategist Soni Kumari.
Soni points out silver has risen even more than gold this year. It rose 2.5% to US$41.72 an ounce overnight.
ANZ Senior Economist Adelaide Timbrell says GDP component figures yesterday were a bit weaker than expected and have reduced the chances GDP growth for the quarter will be more than 0.6%. The full data is due tomorrow.
Adelaide says the latest figures leave the Reserve Bank of Australia on track to cut the cash rate again.
Australia’s housing market is gathering momentum as interest rates are cut, says ANZ Economist Maddy Dunk. Capital city prices are rising at an annualised rate of 7.1%.
Cheers,
Bernard.
PS: Catch you tomorrow with a full preview of Australian GDP figures.
