October 6 2009 – Rate Hikes

ASX Commentary

October 6 2009 – Rate Hikes

Tue, Oct 6, 2009

The big news today was the hiking of interest rates by 0.25%. Rhetoric from the RBA board suggests more are in the pipeline with fresh concerns about inflation. The market took an early bid on back of the Us strength overnight, but hit a wall of selling before long. A second round of selling came after the RBA announcement and we’re left with another weak close to go with the last few days. The daily trend is flat, albeit just. New long trades should be taken with hesitation.

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This post was written by:

Nick Radge - who has written 894 posts on The Chartist.

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