Articles By Christine Gaylican
Bell FX Currency Outlook: The Australian Dollar has opened lower this morning again following yesterday's decision by the Reserve Bank of Australia to reduce interest rates by 0.25% to 2.75%.
The decision of Australia's central bank to cut interest rates to 53-year low has been well received by business groups still reeling from aneamic economic fundamentals led by exports and low consumer demand.
US closed mixed, with Bank of America advancing strongly on news of a key mortgage securities settlement. The broad-based S&P 500 edged to a new all-time closing high, rising 3.08 (0.19 per cent) to 1,617.50. The Dow Jones Industrial Average slipped 5.07 (0.03 per cent) to 14,968.89 and the tech-rich Nasdaq Composite Index rose 14.34 (0.42 per cent) to 3,392.97.
Bell FX Currency Outlook: The Australian Dollar has opened lower this morning ahead of the Reserve Bank's interest rate announcement today.
IG MARKETS CHIEF STRATEGIST, CHRIS WESTON'S VIEWS:
Asian markets have opened the new week on a firmer footing after the solid US payrolls report. Still, with Japan offline today volumes have been pretty poor in the markets that are still open.
The Dow Jones Industrial Average was up 142.38 (0.96 per cent) to 14,973.96 on Friday, after having breached the 15,000 mark earlier for the first time.
Bell FX Currency Outlook: The Australian Dollar has pushed higher by half a US Cent, to now be above USD1.0300, due to a strong US jobs market result on Friday night.
The Dow Jones Industrial Average lost 138.85 (0.94 per cent) to 14,700.95. The broad-based S&P 500 fell 14.87 (0.93 per cent) to 1,582.70, while the tech-rich Nasdaq Composite Index sank 29.66 (0.89 per cent) to 3,299.13. Wednesday's losses came after the ADP job report showed April job growth fell to the slowest level in seven months.
Bell FX Currency Outlook: The Australian Dollar has dropped back below USD 1.0300 for the first time in three days amid falls on US stock markets and weaker commodity prices.
The Dow Jones Industrial Average finished Tuesday with a gain of 21.05 points, or 0.14%, to 14839.80, after falling 84 points earlier in the day. The Standard & Poor's 500-stock index rose 3.96 points, or 0.25%, to 1597.57, a new record high, while the Nasdaq Composite Index gained 21.77 points, or 0.66%, to 3328.79.