Local shares are set to open lower as momentum faded in both Europe and on Wall Street though major benchmarkets hover near record highs. • AUD at 93. 36 US cents, 97. 00 Japanese yen, 70. 76 Euro cents and 56. • On Wall St, S&P 500 flat, Dow +0. • In Europe, Euro Stoxx 50 -0. 1%, FTSE +0. 1%, CAC +0. 04%, DAX -0. • Iron ore falls 0. 7% to $US88. 20 per metric tonne.
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Aussie traders’ focus will shift to Thursday’s private capital expenditure (CAPEX), says Stephen Innes, senior trader at OANDA Asia Pacific. “It will be an important release this time around as it will give insight into the next phase of economic growth in Australia,” he says.
Volume was depressed by the upcoming Labor Day holiday in the United States, with some market participants away on vacation. <br/>“Volume is ridiculously slow, some of the slowest it has been in years, but sometimes you can make more money sitting on your hands,” said Michael Matousek, head trader at U.
The US dollar softened as traders focused on riskier currencies, while the battered euro hit a 19-month low against the Swiss franc amid speculation the European Central Bank will resort to quantitative easing. “The abnormal low volatility regime that we saw this summer is coming to an end.
Read more here: SMH