Australian dollar eats Nasdaq dust

DXY was firm last night:

The Australian dollar fell:

With gold:

Oil held on:

Dirt climbed:

Miners were soft:

EM stocks too:

And junk:

Bonds were all sold:

Stocks did nothing except for the mad, bad Nasdaq:

Westpac has the wrap:

Event Wrap

COVID-19 update: The global case count, according to the latest data from John Hopkins University, indicates 78k new confirmed cases worldwide on 10 May, vs 86k the previous day and vs 99k at the peak on 12 April. Whereas in March daily cases accelerated, in April they have trended sideways.

Tension between the ECB and Germany persisted. German ECB Board member Schnabel repeated President Lagarde’s message that the central bank will continue with its asset purchase programs and stressed the superiority of the EU’s top court over the jurisdiction of Germany’s constitutional court. In addition, the EU Commission threatened penalties against Germany over its constitutional court ruling.
Event Outlook

Australia: The April NAB business survey will be published. Confidence (-66) and conditions (-21) both plunged in the March survey. The Federal government will then provide a ministerial update on the economy and the COVID-19 stimulus package.

China: April PPI inflation (market f/c -2.5%) and CPI (market f/c 3.7%) are both expected to soften, with producer prices slipping further into deflation.

US: The April NFIB small business optimism survey will reflect the deterioration in conditions and is expected to fall to 85.0. Following this, April CPI is estimated to have declined by 0.8% (Westpac -0.6%). Airfares, energy and accommodation prices have been particularly soft. The April monthly budget statement is also due. It is set to show the impact of the slow processing of tax returns which has resulted from the virus. Finally, the FOMC’s Bullard (23:00 AEST), Kashkari (23:00 AEST), Harker (00:00 AEST), Quarles (00:00 AEST) and Mester (07:00 AEST) will all speak.

The Australian dollar is tracking the S&P500 not Nasdaq, thank god:

It’s more than a little hysterical:

That’s still all that matters to the currency for now.