Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Asian markets revel in historic Wall Street session

15.26 AEDT, Wednesday 6 March 2013

Asian markets revel in historic Wall Street session
By Tim Waterer (Senior Trader, CMC Markets)

The Australian Dollar continues to mount a recovery effort receiving further leg-up from the latest GDP data. While the GDP figures were not exactly outstanding, equally they were not reflective of an economy in desperate need of further rate cuts and so from an Australian Dollar point of view this was a moderately positive event.

The AUDUSD pushed towards 1.03 today with the GDP providing no downside surprises while also keeping the AUD supported was a general push for yield in the market following the bumper gains on Wall Street. However, US Dollar strength is limiting upside moves in the AUD. The US Dollar appears to be in a transition phase with the currency becoming more receptive to positive economic events, a situation which may have implications on the upside potential for commodity prices even in a pro-risk environment.

Asian markets revelled after the historic session on Wall Street, with investors firmly in buying mode today. While there was no shortage of green numbers across the region today I am sure there were more than a few traders asking themselves if the market truly belongs at these levels. Momentum does continue to favour risk assets but despite the Dow hitting an all-time high I don’t think anybody is ready to start popping the champagne corks just yet. Thoughts of a correction still loom.

With the Dow having hit an all-time high, traders on the Australian market did not need a second invitation to join in on the proceedings with the ASX200 surging through 5100 with aplomb. It was a well-rounded performance from the market today with all the big name blue chips having solid outings. With the latest GDP data coming and going without incident traders were given no reason to pull the reins.

ENDS

Web: http://www.cmcmarkets.com/


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news