Cheer up shares up today.
With possibly the stroke of a pen, two major oil pipelines are set to recommence. The Keystone and Dakota Pipelines are slated to commence, as Trump signed an executive Memo to fast track reviews that have to date stalled the pipelines.
The equity markets took the news in their stride and had a solid rally. Commodities were generally up on the day and oil staged a rally. It would appear as though the correlation between equity and oil continues. Treasuries were weaker with some alluding to growth prospects whilst others tended to look at the day’s Treasury Auction, which was not as well supported as expected.
On the day the positive equity tone looks set to continue but also any movement seems to be reflective of the trading patterns seen over the past few months. That is a few up days followed by a few down days.
Aussie Market Today.
With commodities stronger and equity markets higher the ASX should have a good day. Bonds are expected to be weaker in line with the weakness in US Treasuries. The currency should maintain its current upward momentum. Iron ore continues its upward trend and that should help the Aussie Dollar momentum.