Author Steve Oram
The Aussie Dollar opens holding on to most of yesterday’s gains. Risk appetite has improved as markets took comfort that policy makers around the world were implementing economic stimulus measures, with more expected in the coming weeks.
Q4 GDP data released yesterday afternoon was better than expected, coming in at 0.5% quarter on quarter vs market forecasts of 0.3%. The Aussie made gains on the back of announcement which has seen the AUD rally against a range of currencies. Following a rally in US equities Australian stocks look likely to jump over 1.5% when trading starts.
The US Dollar managed a small bounce back after yesterdays losses, helped by better than expected manufacturing data released earlier this morning. Also lending support to the USD was Joe Biden’s performance in the Democratic primary elections yesterday. Ahead of the key nonfarm payrolls data late tomorrow an early indicator last night was the release of private labour data in the US with the 183k read for February bettering expectations.
Not much on the data front today, with coronavirus continuing to be the main factor driving markets. Yesterdays improvement in risk sentiment could be short lived as headlines of the virus spread are released
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