Intraday Market Update

Despite risk aversion heading into the U.S. market open, Wall Street celebrates the anniversary of the 2009 bear market low by driving the major indexes higher. Stocks seem to follow the lead from Apple (AAPL), as it surged to new market highs at around $224.48 per share. The Dow is currently up by 45points, while the S&P 500 and NASDAQ are higher by 5.35 and 17.97 points, respectively.

Consequently, the Dollar reversed some of its overnight gains against the Euro and Sterling and lost ground against the Aussie, Kiwi, and Loonie. Positive sentiment in U.S. stocks led investors to trim some of their safe haven exposure to the Dollar.

AUD/USD had the strongest move amongst the majors as it cleared a few key resistance levels and opened way to the 0.9172 level. Level that should find supply and provide for an attractive reversal.

Markets are now looking for the next piece of economic data that could support the day’s move. The Aussie has a busy schedule ahead with the release of  home loans this evening and employment and Chinese data tomorrow. The pair could extend gains into those releases but is bound to profit taking post data.

Sterling sees manufacturing and industrial data tomorrow, while the EuroZone awaits the French and Italian industrial production figures. The fight between risk sentiment persists so caution remains a priority.