Global markets move higher again, US Fed tightens up its statement, iron ore jumps - ASX futures up 33 points

Yesterday's strength appears to be on track for a repeat today. Why? Chinese stocks finished over 3% higher yesterday, US & European stock markets were higher last night and the US Federal Reserve's policy statement--which was leaned up, but little changed from the previous release--offered traders no reason to believe that any weakening of their stance on a 2015 rate rise might emerge. Given US markets responded well to this, it leads me to believe that a single-move higher in US policy rates at either the September 2015 meeting or later will be calmly embraced by the market, as it would be unlikely for the Fed to then move again until it can assess the data releases that emerge following the first hike in about nine years.

US GDP figures will be released at 10:30pm tonight, with an expected read of 2.5% annualised, for the second quarter. With that in mind, there could be a tentative nature to the Australian stock market later this afternoon if traders choose to close positions into 4pm and remove risk overnight. Putting that aside, however, the ASX 200 is looking broadly positive after continuing to close higher than its 200-day moving average and continuing to move sideways out of its previous down trend, as illustrated in today's first chart. A couple of days of strength in the US dollar index has helped push the AUDUSD currency pair back down below US 73 cents and the trend for that currency remains down. Watch for lower highs today if you're looking to get short into the trend towards the US 70-72 cent range.

Lastly, it was another green night for commodities and iron ore led the way, jumping 4.57% to US$55.89 per tonne.

Source: Rivkin, Saxo Bank

To view the Rivkin economic calendar and Global Markets matrix, members can click here.

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As was the case with Future Generation Investment Company (FGX), Rivkin will be working with its broking partner CMC Markets in donating the broker stamping fees to charities associated with the investment company’s cause – in this case, youth mental health and homelessness.

With this in mind, we strongly urge you to follow the following steps accurately so Rivkin can add to the philanthropic nature of this IPO.

  1. Visit to download and read the prospectus
  2. IMPORTANT: complete the Broker Firm Application Form on page 87 of the prospectus, this way we can donate the stamping fees
  3. Ensure you have sufficient funds in your Rivkin Securities stockbroking account to pay for the stock
  4. Enter the Broker Code 02662
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Don’t have a Rivkin Securities stockbroking account? Open one now by emailing (your Relationship Manager will call you back and pre-fill forms etc.) or phoning 1300 748 546. Our online brokerage is $11.00 or 0.11%, $9.90 or 0.11% for SMSFs that use Rivkin Super. PLUS we go the extra mile and donate non-core earnings like broking fees from this IPO to charity. You’re doing yourselves a favour and doing those in need a favour by getting involved.

This article was written by Scott Schuberg, CEO of Rivkin Securities Pty Ltd. Enquiries can be made via or by phoning +612 8302 3600.

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This article contains information about foreign exchange contracts, which are considered complex financial products. Please click here to read ASIC's foreign exchange trading article before considering an investment in foreign exchange contracts. 

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