Articles By Christine Gaylican
Bell FX, Rivkin Securities Currency Outlook: The Aussie dollar recorded gains overnight until early morning, but its strength will be tested anew with the release of China's manufacturing data later today.
The S&P 500 added 11.37 points, or 0.7%, to 1593.61, with all 10 sectors higher. It closed a hair above its record high of 1593.37, reached April 11. The tech oriented Nasdaq Composite Index rose 27.76 points, or 0.8%, to 3307.02, its highest level since 2000.
Bell FX, IG Markets, Rivkin Securities Dollar Outlook. The Australian Dollar has rallied to its highest level in over a week following gains on global share markets overnight, but this morning it has slowed a bit to at US$1.0347 (8:15 AEST), but seen to make a rebound in later day trade on the back of a weaker US Dollar pre-empting more stimulus to be declared by the Federal Reserve.
Bell FX, Rivkin Securities, IG Markets Currency Outlook: There was a slight weakening of risk-related assets over the weekend with the lower-than-expected turnout of U.S. GDP. The AUD opened this morning below the 1.0300 level banking on hopes that the ECB rate decision will provide the boost during this week's trading.
FROM IG MARKETS CHRIS WESTON, Chief Market Strategist:
The commodity trade came back with a vengeance today, and whether this is one-day affair or the start of something more compelling, we have seen traders taking shorts off the table, and many putting on new longs.
Takehiko Nakao has been unanimously elected President of the Asian Development Bank (ADB) by its Board of Governors.
Telecommunications and materials stocks drove the Standard & Poor's 500-stock index to a fifth advance in a row after a string of firm earnings reports and an upbeat reading from the labor market.
Bell FX Currency Outlook: The Australian Dollar is sitting just south of USD 1.0300 this morning which is slightly higher than where it was trading at local close of business on Wednesday.
IG Markets strategist Evan Lucas on Global Markets:
Commodities and currencies alike are jostling for position heading into the start of May - as rate cuts, balance sheet expansions and increased stimulus measures dominate the financial headlines.
The Dow Jones Industrial Average on Tuesday was up 152.29 (1.05 per cent) at 14,719.46. The broad-based S&P 500 added 16.28 (1.04 per cent) at 1,578.78, while the tech-rich Nasdaq Composite Index jumped 35.78 (1.11 per cent) to 3,269.33.