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Markets Today – When Bad Does Good
A jump in weekly US jobless claims together with a sharp fall in oil prices have done little to near term Fed policy pricing but have pulled bond yields down – including at 2-years – and given momentum to a USD downdraft that was underway ahead of the news. This sees AUD/USD regain the foothold above 0.67 it had only briefly established on Wednesday. The US equity market likes the lower yield story (ex- Energy and one or two other sub-sectors) with the S&P500 back in bull market territory and closing up 0.6% on the day, the NASDAQ a bigger 1.0%. US weekly jobless claims , recently distorted by the discovery of ... (full story)