International markets were generally weaker overnight as the latest batch of US economic data underwhelmed expectations.
Data revealed private employers added fewer jobs last month than economists had anticipated, whilst a measure of services activity fell at a sharper-than-expected pace in February.
Wall Street struggled for direction as investors questioned whether the data was influenced by the harsh winter weather or reflective of a deeper economic slowdown.
In commodity market action, oil was punished by data revealing a surprise jump in weekly US crude stockpiles, in addition to an easing of tensions in the Ukraine.
Elsewhere, gold futures edged higher as the weak US data boosted the precious metal’s safe haven appeal.
The Aussie dollar rose modestly versus the greenback after yesterday’s fourth quarter domestic GDP read topped expectations.
In economic news, Aussie retail sales and trade balance data are both due for release today at 11:30am, AEDT.
Written by: marketpulse Other posts from: marketpulse
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