Macro Morning

See the latest Australian dollar analysis here:

Australian dollar still overvalued

By Chris Becker 

Here comes the breakout and the second phase in the relief rally as risk markets go ga-ga over a potential vaccine for the coronavirus, while lapping up all the central bank “we will throw the kitchen sink at risk assets” mantra that continues to be rolled out by all and sundry. The biggest move was in oil markets, with Brent up nearly 8% while European stocks launched over 5% higher across the continent as USD retreated against the majors, except gold which all of a sudden is no longer the prettiest flower on show. Expect buying with abandon on the open here in Asia this morning.

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