January may have been a good month for Aussie shares but the local
market, and indeed the currency, are set to come under selling pressure
on the first trading day in February, on the back of concerns about
global growth and further signs of weakness in Chinese factory activity.
The benchmark S&P/ASX 200 is tipped to fall 24 points or 0.4 per cent when the market resumes trading at 10AM AEDT on Monday. The Australian dollar has fallen overnight to US77.37¢ at 7.30am and is close to its Friday five-and-a half year low of US77.2¢
Further weakness in the dollar comes ahead of increased market pricing that the Reserve Bank of Australia will lower the official cash rate when the board meets on Tuesday. Most economists however think the RBA will keep rates on hold at 2.5 per cent.
The benchmark S&P/ASX 200 is tipped to fall 24 points or 0.4 per cent when the market resumes trading at 10AM AEDT on Monday. The Australian dollar has fallen overnight to US77.37¢ at 7.30am and is close to its Friday five-and-a half year low of US77.2¢
Further weakness in the dollar comes ahead of increased market pricing that the Reserve Bank of Australia will lower the official cash rate when the board meets on Tuesday. Most economists however think the RBA will keep rates on hold at 2.5 per cent.
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