6 things Australian traders will be talking about this morning

Toru Yamanaka / Getty Images

Good morning.

To the scoreboard:

  • Dow: 23,930.15 +5.17 (+0.02%)
  • S&P 500: 2,629.73 -5.94 (-0.23%)
  • AUD/USD: 0.7530 +0.0034 (+0.45%)
  • ASX200 SPI futures (June contracts): 6,092 (+12)

1. US stocks pared losses overnight after dropping sharply amid trade worries. Both the Dow Jones industrial average and the S&P 500 had dipped below their 200-day moving averages at session lows, as the Dow fell more than 400 points before closing higher.

2. The US dollar’s recent rally cooled off which gave support to the other major pairs. The euro climbed despite another data miss (inflation +0.7% against +1.0% forecast), and the Aussie rose back above US75 cents after yesterday’s strong trade report.

3. US 10-year bond yields edged lower to 2.95% ahead of tonight’s all-important employment data. Today in Australia the RBA will update its economic forecasts with the quarterly Statement on Monetary Policy at 11:30am AEDT.

4. Amid the recent strength in the greenback, the Argentinian peso fell to a new all-time low overnight. In an effort to prop up the currency, the Argentian central bank raised interest rate by three percentage points to 33.25%. Here’s the move in USD/ARS:

5. In cryptos, Bitcoin rose by more than $400 overnight and is climbing back towards $US10,000 for the first time in early March. It follows news yesterday that Goldman Sachs is planning to introduce a cryptocurrency trading desk.

6. And Tesla shares sank about 7% after CEO Elon Musk dodged analyst questions in an unusual post-earnings conference call. Shares of the company initially rose on the earnings beat, which showed a smaller quarterly loss than Wall Street expected.

Have a good weekend.

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