Tuesday 12th May 2020

When we’ve had positive risk sentiment in the past we’ve tended to see a stronger Aussie dollar, but that’s not the case today. NAB’s Ray Attrill suggests the steeper US yield curve is strengthening the US dollar, which has weakened the Aussie. The optimism in markets continues to be around the lifting of lockdowns around the world, and hopes that more countries can bounce back as quickly as China. The NAB business survey and US small business survey will show the extent of that optimism. And oil, down today, even as Saudi Arabia announces further cuts. Go figure.