Currencies

Positive earnings reports and a jump in metals prices kept Wall Street above water after yesterday’s surge. Dow up 27.

An analyst upgrade on Goldman Sachs sparked a low volume snap-back rally last night. Dow up 185.

Westpac has updated its economic outlook for Australia and the other major economies, its numbers suggesting a return to modest growth next year everywhere bar Europe.

A down day capped off the fourth straight negative week on Wall Street, its longest weekly losing streak since the spring rally began in March. Dow down 0.45%.

Few economists disagree that, ultimately, the US dollar is in a downtrend. But unlike previous dollar declines, this time it is emerging markets against which the dollar is overvalued.

Wall Street halted its switch back into defensive mode last night as investors squared up ahead of more earnings results. Dow up 4. (Locked for subsrcibers until 10:00 AEST)

The Australian dollar is overvalued against the US dollar on both fundamental and tactical grounds, so TD Securities has gone short.

Everything you always wanted to ask about trading currencies, plus some more.

Oil led the commodity complex sharply lower last night before buyers rushed into defensives once more. Dow up 14.

Monday’s shift to defensive mode turned into Tuesday’s big drop. Dow down 160.