Scoreboard: Dollar dazzler

Strong retail sales data and positive global momentum pushed the Australian dollar above US90c, while the US and Europe showed signs of strength.

Equities pushed modestly higher overnight, rates sold off and commodities received a gentle bid. It was in the forex market that we saw a flurry of activity following a run of more hawkish news and data around the globe. We already know the Australian story and the Australian dollar sits just below 91 US cents as a result.  Then in Europe, the ECB appeared to be more relaxed on the outlook, while in the US, jobless claims weakened -- a good omen coming into tonight’s payrolls figure. Specifically, new claims fell 26,000 in the week to February 28, which brings the total number of claims back down to 323,000. Claims around this figure seem to be a reversion point once distortions run out. That being the case, the signal is that we can expect further strong payrolls results.



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