The Australian dollar is lower after another batch of good US economic data cemented hopes of a winding down of economic stimulus measures by the US central bank.
It's not easy seeing economic blue sky when the air is filled with grey clouds, but one well-connected bank reckons we’re being too gloomy in Western Australia and that the ‘new normal’ will be much better than the ‘old normal’.
Europe's stock markets closed on a positive note on Monday as market watchers said investors focused on profit-taking as both the London and New York markets were closed for holidays.
Australian stocks have opened weaker, with David Jones among the worst performers after the department store chain posted a decline in third quarter sales.
The 7.3 per cent plunge in Japanese stocks during last week injected needed sobriety into US markets, but they showed a resilience that cheered investors worried about protecting the year's gains.
The Australian dollar has finished the day higher, despite falling back from its earlier highs amid uncertainty about the future of the US Federal Reserve's stimulus program.
The Australian dollar has fallen to its lowest level in almost a year following further gains in its US counterpart and disappointing Chinese manufacturing figures.
The Reserve Bank of Australia says a softer-than-expected inflation outlook allowed it to cut the cash rate to a record low, as it tries to boost underperforming sectors or the economy.
Share ownership among adult Australians declined from 43 per cent to 38 per cent during the past two years, a 2012 Australian Securities Exchange study shows.
