US Stock Closed Higher, While AUD/JPY Also Surged
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US stock again closed higher yesterday, and forex market also reflected the optimism: Aussie and New Zealand dollar gained over 1% at one point, and WTI closed 4.03% higher.
Dow Jones Index, S&P500 and NASDAQ gained 1.05%, 0.82% and 0.59% respectively upon closing yesterday.
The upbeat mood of Wall Street will likely spill over to Asian session, creating rising momentum for Asian market and growth-oriented currencies such as AUD and NZD. Next the market is expected to shift much of their focus from the recent spotlight of RBA’s policy decisions to the country’s GDP report in Q1.
As a major exporter of large commodities, Australia has been trying to dodge a recession unseen in nearly 3 decades, but given the current difficult geopolitical and economic situation, the country has little chance to survive the challenge unharmed.
AUD/JPY surged 2.3% yesterday, and the pair had already risen 20% after bottoming out at 62.41. Right now it continues to hike and is testing the several month’s resistance level of 75.925–76.320.