US Equity markets posted another solid up day with the Dow and small cap Russell 2000 leading the way with only Tech stocks lagging after yesterday’s surge. The Dow had it’s 4th straight positive session again hitting all-time highs.
Source: Yahoo Finance
The passing of the $1.9T Stimulus bill in the US overnight is seen as a positive for value stocks that have taken the brunt of the COVID downturn. Small caps in the Russell 2000 and blue chips in the DOW outperformed as investors rotated out of Tech growth stocks listed on the S&P and NASDAQ with optimism in a stimulus led to the economic recovery in the US.
FX markets
US Dollar
The US Dollar Index had another sharp drop overnight. A keenly watched 10-year bond auction went without incident, allaying investor fears of increasing interest rates and sending bond yields and the US dollar lower.
Source: zerohedge.com
SOURCE: GO MT4
AUDUSD
With US bond yields stabilising causing a drop in the USD, AUDUSD broke above 0.77c sticking in the 0.76 – 0.78 range it has traded in most of this year. With iron ore prices plateauing and comments from the RBA yesterday that they would like to see the AUD lower the 0.78c resistance will be an important test of any sustained rise in AUDUSD.
Source: GO MT4
Commodities
Oil
Despite a large build in Oil inventories reported overnight US crude managed to make gains on US Dollar weakness and the hope the passing of the stimulus bill will spur economic activity.
Also supporting oil prices is OPEC+’s decision to leave production cuts as they are for another month.
Source: GO MT4
Friday, 12 March 2021 Indicative Index Dividends Dividends are in Points |
||||||
ASX200 | WS30 | US500 | US2000 | NDX100 | CAC40 | STOXX50 |
0.068 | 15.264 | 0.972 | 0.331 | 1.423 | 0 | 0 |
ESP35 | ITA40 | FTSE100 | DAX30 | HK50 | JP225 | INDIA50 |
0 | 0 | 0 | 0 | 1.758 | 0 | 0 |
Disclaimer: Articles are from ATH ProFx analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by ATH ProFx. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
Equity markets US Equity markets rallied in a whipsawing and directionless session, as investors juggled optimism in the economy against steadily rising Bond yields. Retail sales figures tonight and a Fed meeting later in the week will be closely watched to gauge the strength of the economic recovery and future stimulus. The Dow and S&P 5...
Equity markets US Equity markets showed a more united front with all 4 major indices rallying. The NASDAQ soared as dip buyers rushed back into rec...