Sudden shift in the mood
Dip buyers are back in the stock market.
Goldman Sachs wrote a report today highlighting retail flows into stocks, something they expect to continue. They not there has been $4.10B worth of retail demand for stocks every single day of 2021.
The S&P 500 fell 23 points at the open but the buyers waded in soon afterwards and now the market is nearly unchanged.
With that, AUD/USD is up to 0.7407 from a low of 0.7380 just a short time ago. It's still down 15 pips on the day but with industrial metals and coal prices rising, there's plenty to like here. Melbourne announced that it will ease covid concerns earlier today as well.
