Currencies

Hank Paulson announced last night the US government had now decided not to buy toxic mortgage assets from banks. The Dow fell 400 points.

It was another volatile session on Wall Street for Veterans Day as the Dow whipped around to eventually close down 176.

An early 200 point rally fuelled by Chinese stimulus failed to hold last night as the Dow drifted to be down 73 on the close.

The Dow rallied 248 points on Friday on a not completely devastating jobs number and some encouraging talk from the new boy. (Locked for subscribers until 10:00 AEDT Monday)

The Dow fell 443 points last night following more weak data and shenanigans across the pond.

After several days of rally, Wall Street took profits last night as an historic new administration was ushered in. The Dow fell 486 points.

As the longest election campaign in history comes to a close Wall Street has wasted no time in expressing relief. Last night the Dow gained 300 points and commodity prices surged.

The Dow did not move triple digits in either direction last night as Wall Street awaits the election outcome. It closed down a mere 5 points.

With global investors forced to buy USD to cover losses in USD assets, the clear winner has been the USD itself, but markets will normalise.

According to Westpac forex markets have adjusted for current economic conditions but some currencies have moved too far or not enough, creating some opportunities.