Australian shares are headed for a sharp fall in early trade, after scaling a four-month high yesterday.AUD: 71.3 US cents, 56.03 British pence, 61.83 Euro cents, 76.13 Japanese yen, 4.964 Chinese yuan, $NZ1.073Europe: UK : +0.1pc at 6,270, Germany +1pc at 13,172, Euro Stoxx 50 +0.5pc at 3,405Spot gold +1.4pc at $US1,841.44/ounce, iron ore +1.7pc at $US111.43/tonneThe Australian dollar jumped to 71.3 US cents, its highest value since April 2019.
Retail trade has been volatile recently — surging by a record 16.9 per cent in May, but that was after suffering its worst ever plunge in April . The latest figures may also be a little dated, given it covers the period before the Melbourne lockdowns, the worst of Victoria's triple-digit coronavirus infection spike, and the growing cluster in Sydney.
"We are forecasting a 3 per cent lift in retail sales following CBA spending data showing a steady recovery through June," Commonwealth Bank currency strategist Kim Mundy said. "However, the recent stage 3 shutdowns in Melbourne will weigh on some parts of the retail sector in July."There was a mixed performance on Wall Street overnight, as US investors sold their high-flying tech stocks, including Facebook , Microsoft and Amazon .
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Business owners desperate for govt to unveil extension of JobKeeper | Sky News AustraliaBusiness owners are feeling a sense of relief that JobKeeper will be extended for another six months, especially those in the tourism sector which has been bleeding billions of dollars each month. \n\nOperators warned if JobKeeper wasn’t extended past September, tens of thousands of jobs in the sector would be lost. \n\nCruise company owner Jim Patterson said his business took a 70 per cent hit since January. \n\n“In January with the fires and smoke, we lost a massive amount of turnover, and then February picked up a little, March was looking promising, and then COVID stopped it in its tracks,” he told Sky News. \n\nThe federal government will today unveil details of its expanded JobKeeper and JobSeeker support schemes, which will be extended beyond their original September end date. \n\nPrime Minister Scott Morrison and Treasurer Josh Frydenberg will announce an extension to both payments but at a reduced level. \n\nUnder the plan, the schemes would be extended to March with a two-tier payment system introduced to reflect the incomes of casual and part-time staff. \n\nImage: Getty I am on jobseeker and prepared myself financially for it to return to the pre pandemic amount. This is great news. 👍
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