High Street Corporation Market Report 

COMMODITY PRICES 

CURRENCY RATES  

The dollar was lower at noon as it continued to slip in quiet trade as fears over stability in the US sub-prime mortgage market continued to help the US dollar. At 12pm (AEST), the domestic unit was trading at $US0.8466/71, down from yesterday's close of 0.8482/85.

During the morning, it traded between a low of $US0.8452 and a high of 0.8478 after falling from a peak of 0.8500 overnight - the highest price since February 16, 1989, when the Australian dollar reached 0.8646.

The currency tumbled as money flowed into the US dollar amid a rise in oil prices and concerns more institutions would be set to make losses in the US sub-prime mortgage market, which lends money to those with poor credit histories. 

The market's focus will turn to more US housing data tonight, but the big news of the week will be the US Federal Reserve's (Fed) Federal Open Market Committee (FOMC) meeting, which starts on Wednesday night.

The FOMC will release its June interest rate decision on Thursday night.

STOCKMARKET

The stock market was sligtly lower at noon today after a dip in United States markets overnight.CMC Markets senior dealer Phil Martin said Wall Street was just below flat overnight and had provided no leads for the local bourse. "The market is slightly weaker. Wall Street was fairly flat overnight on some concerns about subprime mortgages. There's a spin-over into some of the financial stocks over here," he said.

At 12pm (AEST), the benchmark S&P/ASX200 index was down 14.4 points at 6315.4, while the All Ordinaries fell 14.5 points to 6344.1. On the Sydney Futures Exchange, the September share price index contract shed 33 points to 6334, on a volume of 10,212 contracts.

In the resources sector at 12.10pm, global miner BHP Billiton was off nine cents at $34.85, and Rio Tinto reversed 57 cents to $97.94. 

On Wall Street overnight, US stocks closed lower as growing concerns about the subprime mortgage market dragged down shares of Bear Stearns Cos and Goldman Sachs Group.

The Dow Jones industrial average fell 8.21 points to 13,352.05 while the Standard & Poor's 500 Index lost 4.82 points to 1497.74.

The Nasdaq Composite Index was down 11.88 points at 2577.08.

ELECTRICITY

Average maximum temperatures decreased in all the capital cities of the NEM.

Average prices during week 445 decreased in New South Wales, Queensland and the Snowy region, and increased in South Australia, Victoria and Tasmania. The highest price occurred in Queensland at $ 8,085.79, and the lowest was in Tasmania at $-971.11. The majority of prices fell in the $101 to $150 per MWh range.

Spot Market Price by Region

NOTE: All prices reported are exclusive of GST.

Spot Price Occurrence

Interconnector Flows

Victoria to South Australia

Murraylink Victoria to South Australia

Snowy to New South Wales

QNI New South Wales to Queensland

Terranora New South Wales to Queensland

Basslink Tasmania to Victoria

Spot Price and System Demand by Region

South Australia

Queensland

New South Wales

Snowy

Tasmania

Victoria

The information provided is not intended as advice and no responsibility is taken for inaccuracies.

High Street Corporation Pty Ltd licensed (AFSL 284284) to provide general financial product advice.  High Street Corporation Pty Ltd is not licensed to provide nor will it provide advice which considers a person’s objectives, financial situation and needs and you must therefore rely on your own assessment or seek your own independent advice in respect of decisions in relation to any financial information or product offered.