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Australian stocks treading water, buoyed upwards by Banks

CMC Markets

With an absence of local data for Aussie investors to sink their teeth into, it was a relatively limp day for local shares. After absorbing most of the developments from Yellen’s dovish comments yesterday, Australian trader’s bullish tendencies where dropped back to neutral. Mid-morning saw a 20 point kicker to the ASX200, pushing local stocks into double-digit gains for the remainder of the session. In afternoon trading local equities continue to tread water, with notably thinner volumes as investors ponder on what steps to take next. Today we see banks are back in favour following a week’s worth of sell-off post dividend action. Major miners are experiencing downward pressure despite firmer iron ore prices and precious-metal stocks have perked up following firmer pricing on gold. The Aussie Dollar has been trending upwards within a half a cent range over the session. After losing some ground overnight, the AUD is back to trading in the mid US0.93 territory. A firmer US dollar is restricting the local currency from breaching USD0.94 levels, however, US manufacturing and industrial production numbers due tomorrow morning may potentially unhinge the AUD.