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Traders Lick Their Wounds to Fight Another Day
Traders Lick Their Wounds to Fight Another Day
By Betty Lam (Sales Trader, CMC Markets)
Markets are experiencing relief from the recent thrashing we've seen across Asia. The resurgence has taken its cue from Japan as the Nikkei does the heavy lifting for the Asian region and the Aussie dollar gains traction in the afternoon.
It has been a relatively uneventful day on the Australian market, helped by an absence of local data, zero Fed inspired news and an easing of offshore selling, giving traders time to lick their wounds and fight another day.
The big banks are the out performers in today's market with yields on the banks providing cushioning from any further slides.
The Aussie dollar however, has had a bumper ride after almost shedding 0.4c at the open. The support for the Aussie dollar is reflecting the rebound in Asia as risk is put back on the table.
ENDS
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