US markets rallied broadly last night with the Dow again hitting an all time high as investors were cheered by Fed chair Jerome Powell’s testimony to the House Financial Services Committee in Washington overnight.
Powell testified the Fed would continue its QE program of asset purchases until they see substantial progress towards their goals regarding employment and inflation targets.
Source: Yahoo Finance
With commodity prices staying persistently high causing a bright outlook for Australia’s economic recovery from the pandemic caused slowdown, the Aussie once again surged and is now within touching distance of 80c US.
While China’s demand has supported Australian commodity prices, evidence that demand outside of China is proving stronger than expected has led some analysts to predict a continued rise in AUD, possibly to parity with the USD.
Source: GO MT4
US crude rallied strongly overnight as a weak US dollar and continuing supply constraints from the Texas big freeze bolstered prices.
Both WTI and Brent were up by 2% on the session. With demand rising to pre covid levels, analysts are predicting oil prices to rally during the northern hemisphere summer amid an increasingly tighter market, price targets range from $70-$75 for Brent.
|Friday, 26 February 2021
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