Most Asia – Pacific markets opened on a positive note hitting record highs on Monday morning following a strong US lead from last Friday boasting a best start to a year since 2003. Wall Street was on a roll as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales, driving investor optimism about economic growth. The U.S. dollar retreat continued as investors priced in the risk of tighter policies elsewhere in the developed world.
USDJPY opened lower for the day as the Yen gained close to 0.2 percent against the US Dollar. Currently the USD is seen trading around above 110.80 yen recovering from session lows of 110.58. The Nikkei stock rose 0.28 percent as technology and financial names rose early in the session. Automakers proved to be a mixed picture. Large financial companies continued to benefit from higher bond yields.
EURUSD was marginally up for the day currently seen trading around 1.2215 as the EUR rose 0.1 percent against the US Dollar. This is following a 1.4 percent rise on Monday. The dollar index, which tracks the dollar against a basket of currencies slipped 0.3 percent to 90.72 after falling 0.9 percent last week, ending around the weakest since September. The yield on 10-year Treasuries increased two basis points to 2.48 percent Friday. The yield on 10-year Treasuries was 2.55 percent at Friday’s close, up about seven basis points for the week.
AUDUSD opened the week on a positive note rising over 0.4 percent, extending their gains against the dollar. Currently the Aussie dollar is priced at 0.7950 against the US Dollar. Australia’s 10-year yield was at 2.77 percent, up about two basis points from Friday’s close. Likewise, the Kiwi was marginally up against the US Dollar and is currently seen trading above 0.7265.
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