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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news