Compass Global Markets' Blog

Market Update - 9th June 2020 - The Equity Rally Has Continued To Roll On, And So Has The AUD

Posted by Patrick Downes on June 9, 2020 at 8:51 AM

Please note that the commentary below is factual information provided to a group of readers as a web blog, and where an opinion is expressed by the author, it is GENERAL ADVICE only.

The rally rolls on:

Equities surged again Friday night in the U.S with the tech heavy NASDAQ in fact erasing Covid19 losses and hitting fresh all time highs above 9,900. The DOW added nearly 500 points or 1.7% while European stocks fell slightly.

Stimulus and positive investor sentiment is behind this rally and it's turned into one of the best on record with the S&P500 up 45% in two months. You don't see that every year.

AUD blasts towards 0.7000:

The AUD has been a huge beneficiary of the turnaround, itself up 15 cents from the lows and now likely to test 0.7000 vs. the Greenback in the coming days. The AUD rally could kick on too, considering Australia remains in much better shape than most other countries around the world and particularly the U.K, most of Europe and the U.S.

No data out today other than NAB Business Confidence at 11.30am. Expect equities to lead the AUD.

AUD EXCHANGE RATES:

AUD/USD – 0.6986

AUD/GBP – 0.5482

AUD/EUR – 0.6182

AUD/NZD – 1.0667

AUD/JPY – 75.788

OTHER MARKETS:

All Ords (XAO) – 6,116

Gold – A$2,421/oz

Silver –  A$25.29/oz

Oil – US$38.68 barrel

DATA RELEASES TODAY:

AUD – NAB Business Confidence at 11.30am

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Patrick's Signature-802090-edited.jpg

Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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 DISCLOSURE AND DISCLAIMER - GENERAL ADVICE WARNING
The information provided in this report has been prepared without taking into account your particular objectives, financial situation or needs. You should consider whether our products are appropriate for you and read the FSG and PDS which are available on this website.
This report and must not be copied, either in whole or in part, or distributed to any other person.
All references to prices, amounts and currency are in Australian dollars unless otherwise noted.
This report is provided for Australian residents only and is not intended for use by residents of any other country.

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