The oil price fell and rose and fell again last night as investors continued to jump ship, with metals now joining in the selling. Dow down 79.
The TechWizard reports 1.0250 has now become the key technical level for AUD/USD.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
Market analysts at FXCM haven’t been firm supporters of the AUD, but analyst Jamie Saettele believes the currency will reveal its hand soon.
Technical market analysts see pressure increasing on USD while highlighting this further stimulates commodities.
Wall Street bounced around the flatline last night, balancing economic data and news of a battle in Libya. Dow up 8.
Violent clashes in Iran; troops deployed in Oman; cleric detained in Saudi Arabia; Libyan assets frozen. Oil soars and stocks tumble. Dow down 168.
There have been plenty of ups and downs in recent data but nothing to shift the RBA from its current laissez faire stance.
ATW’s Jerry Simmons offers another Bracket Trade example in the EUR/USD.
Wall Street has shrugged off Libya and turned back to local data in providing a solid month-end. Dow up 95.