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US equities enjoyed a broad rally, with tech leading after news that recently ousted OpenAI CEO Sam Altman had been snapped up by Microsoft, the news helped MSFT and AI Chip maker NVDA stock rally over 2% each and pushing the Nasdaq to be the top performing US index.
More weak data out of the US as well with leading indicators missing expectation, putting more pressure on yields and the USD, with the US Dollar index falling to it’s lowest point since the start of September and sitting just below its 200 day SMA and on its 50% fib retracement support at 103.49 going into the Asian session.
Another big drop in USDJPY as well for a third day in a row as it seems to be playing catch up with US-JP yield differentials.
AUDUSD broke and held the 0.65 level on the improved risk sentiment and USD weakness. This will be a key level to watch for Aussie traders with RBA minutes and RBA governor Bullock speaking both scheduled for today.
Crude oil also rallied to its upper trend line before finding some resistance, with WTI touching on 78 USD a barrel before pulling back modestly.
Calendar of todays major economic releases:
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