JP Morgan has a new way of forecasting the Australian dollar

Currency experts have had to overcome their pride, and their persistently wayward Australian dollar forecasts, and instead develop a different model for charting the direction of the local currency, as it moves against the US dollar. Shifting commodity prices and a gap in interest rate spreads are complicating Aussie dollar forecasts, but JP Morgan suggests averaging the likes of major commodity prices and combining a 1Yx3M real yield spread with an existing terms of trade forecast to predict the direction of the currency movements. The Australian dollar should trade around the US75¢-US78¢ range in the second half of this year, before trading down towards US72¢ by mid-2018, says JP Morgan. T

Sydney auction market records highest clearance rate in two months

The Sydney auction market strengthened at the weekend, recording its highest clearance rate in two months despite a surge in late winter listings. Sydney reported a clearance rate of 73.7 per cent, which was well ahead of the 70.2 per cent last weekend but below than the boom-time 82.8 per cent reported over the same weekend last year. Sydney auction numbers increased sharply at the weekend with 631 homes listed, compared to 501 the previous weekend and ahead of the 466 auctioned over the same weekend last year. Auction numbers next weekend are again set to exceed 600. Sydney recorded a median auction price of $1,330,000 on Saturday which was higher than the $1,127,500 reported the previous

No winter blues for Sydney auction sellers

This weekend will likely be the trough of this year’s Sydney auction market although typically lower mid-winter listings are being offset by continuing solid buyer demand. Just under 500 homes are set to go under the hammer this Saturday in Sydney which will be similar to last weekend’s 499 auctions but significantly higher again than the winter low of 354 auctioned over the same weekend last year. Sydney’s city and east region will lead auction activity this weekend with 60 homes scheduled to go under the hammer. Next highest is the inner west with 57 followed by the south 54, the upper north shore 51, the west 47, the lower north 44, Canterbury Bankstown 39, the south west 37, the norther


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