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
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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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632
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