Market Update - 9th June 2020 - The Equity Rally Has Continued To Roll On, And So Has The AUD
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
OTHER MARKETS:
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
Senior FX Manager
Compass Markets
Contact Patrick for a quote on 0431 278 632.
*Above rates are indicative wholesale rates and intended as a guide only. Commentary above is my opinion and should not be construed as financial advice. I recommend you seek professional advice before doing anything of a financial nature.