Following on from a strong lead on Wall Street which saw the Dow higher 347.51 points or +1.39%, S&P500 +43.34 points or 1.60% and the Nasdaq +127.30 points or 1.77% the local market opened higher and spent most of the day trading a in a relatively tight range.
Offshore markets seem to be more at ease with respect to interest rates in the U.S following on from some Fed speak last week which appeared to indicate the Federal Reserve would not be rushing into any decisions to raise rates.
Yields on the 10 year notes finished at 2.859% while the yield on 2 Year notes closed the session at 2.234%. Today has seen the U.S Dollar lose some ground with the front futures contract trading back towards 89.64 as the yen pushes back below 107.00 to be currently trading at 106.56, the Euro is at 1.2335 while the Aussie is 0.7864. Spot gold has moved today with the precious metal pushing up through USD $1330.00 per ounce to be currently trading towards USD $1336.50 per ounce.
On the local market today the ASX200 has traded in a relatively tight range on the day considering the higher open and close at the top end of the range. The main index finished at 6042.20 for a gain of 42.40 points or 0.71%. The weakening Dollar has seen a return to favour of the risk on trades with the likes of ORE gaining 6.11%, LYC +5.29%and Ilu +3.77%. Other notable gainers today included RWC +6.76%, NEC +6.28% and WOR +3.90%. Holding further gains back today were the likes GEM which lost 7.90%, WTC -4.8% and MYX -4.50%.ORE Chart Attached.