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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news