The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
Sales of cars in the US inch up 6.3% in March
In March, sales of cars in the United States rallied 6.3% in annual terms and surpassed 1.6 million vehicles, as Autodata uncovered. The given outcome can be explained by increased demand for pick-up trucks as well as SUVs.
The sales of pickups and SUVs jumped 16.3%, while passenger cars lost 9.2%. Approximately two thirds of cars sold in the United States in March, were represented by exactly pickups and SUVs.
In terms of the annual rate of sales of cars in the US, in March experts recorded 17.48 million compared to 16.8 million vehicles in 2017.
The ongoing leap in sales of large cars, which are the least energy efficient, definitely underscores the weakness of consumer demand for more environmentally friendly cars, as The Wall Street Journal informed.
Pickups and SUVs in general are less energy efficient than conventional cars, sales of which are falling in recent years, which experts attribute to low gasoline prices. So, sales of the updated off-road car Lincoln Navigator, produced by Ford, gained 91% in March.
Literally all of the largest car makers, with the exception of Japanese Nissan, ramped up sales in the USA the previous month.
Sales of General Motors, the US number one car maker, tacked on 16% getting to 296,341 cars.
In March, Ford stepped up sales by 3.5% to up to 243,021 cars, FiatChrysler increased its sales by 14%, to about 216,063 thousand cars.
The previous month sales of Japanese car makers Toyota as well as Honda Motor in the US market increased 3.5%, up to 222.782 cars.
As for Nissan, this car maker cut sales by 3.7%, to about 162.535 cars.
Aggregate sales of Volkswagen and Audi brand cars surged 14%, getting to 52,638 cars, while the sales of South Korean Hyundai and Kia cars slumped 5.5% to 112,185 cars.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…