AUD and NZD strong overnight as are the stock markets

In spite of the AUDUSD taking out the 1.02 barrier it bounce sharply from just below the big figure and now trades some 75 points higher and would appear firm.

The trade from both side in the 1.0200/25 area was reported as very heavy and it would appear to be obvious who won.

The Kiwi dollar has followed and sits at 0.8318 just below the high at 0.8324.

Consequently they have both dramatically strengthened against the GBP which I have made some comments on in the last few days.

The Australian stock market hit a 4 1/2 year high at 5104.1 and the NZ stock market closed up 1% at 4320.

I see the Dow now touching almost 14000 on my cfd platform. Can’t argue with this strength although I have been reading some reports from cycle gurus who claim we are are about to turn the corner !

3 Comments

  1. cycle gurus are correct – ^^

    I have this feeling – actually, it’s not just a feeling – more like what every pair is telling me (most pairs have broken through major trendlines and are now retesting them) is that we are about to see a major event that will shake market real hard –

    It all points to March 1st – which is when the US automatic cuts kick in –

    Given where currency pairs are at right now, we are bound to see a major meltdown once that happens.

  2. So there is a light in the tunnel? :) I am about to lose my sanity watching the stock market. they bounce hard after every single dip regardless of what happens in fx and commodities.

  3. sharemarket is a bit of a bubble here down under. for example many banks are up 50% from last year, but no corresponding earnings growth. just investors chasing a dividend yield, due to fears of RBA cuts.

    also there are some stocks without yield, that are running on thin air..take REA for instance, up from $15 to $27, or $12 per share, on EPS growth of only 14cents per share annualised.

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