US markets were mixed overnight, with a big rally in the DOW, while in contrast the tech heavy NASDAQ fell sharply. The diametrically opposite directions, stem from the massive ructions in the AI space, which have serious questions regarding market overvaluation. The US Government looks set to reopen this week, which has boosted confidence in equity markets, while the safety flows to the US Dollar have receded. The EUR trades around 1.1600, while the GBP consolidates above 1.3100.
The softer reserve has allowed further recovery in the commodity currencies, with the NZD regaining 0.5650, while the AUD pushes above 0.6500. Local markets will be watching Australian employment data closely, when released later today.
