GOOD MORNING TO ALL TRADERS, HERE'S AN OVERNIGHT MARKET UPDATE:>...

GOOD MORNING TO ALL TRADERS, HERE'S AN OVERNIGHT MARKET UPDATE:

> We saw that the Australian SPI 200 Mar 10 futures contract was up 47 points or 1.0% to 4619.

> And it was a mixed night for the AUD after the RBA unexpectedly left its lending rate unchanged at 3.75% on Tuesday. AUD/USD was initially trading weak but later strengthened to open above 0.8860. AUD/EUR opens around 0.6340 after gaining marginally overnight. AUD/JPY opens at 80.10 trading flat and the AUD/NZD opens lower at 1.2440 after a choppy session.

> Meanwhile the US equities continued to gain for the second consecutive day after earnings at companies D.R. Horton to Lexmark International topped estimates and a report showed that US pending home sales improved in December. At the time of writing, the DJIA was up 0.9% to 10278, the S&P 500 gained 1.0% to 1100 and the Nasdaq was 0.6% higher at 2184.

> And the US bond yields were little changed overnight on forecasts that a US report this week would show that job opportunities increased the most in two years, signalling that the economy is recovering. The yield on 2-year notes fell 1bps to 0.843%, whilst the 10-year yield lost 2bps to 3.633%.

> And the Australian bond futures moved in line with US Treasuries. The implied yield on 3-year bond futures was up 1bps to 4.740% (price down 1bps to 95.260) and the implied yield on the 10-year bond futures fell 3bps to 5.490% (price up 3bps to 94.510).

> While spot gold also rose for the second straight day as the US dollars rally stalled, boosting demand for precious metals as alternative investments. Spot gold gained 0.9% to US$1,115.20 an ounce.

> Moving into the European equities advanced for the third straight day as a rally in mining companies following broker upgrades offset less-than-forecasted earnings at BP. The DJ Euro Stoxx 50 gained 1.3% to 2830, the German DAX rose 1.0% to 5710 and the FTSE was 0.7% higher at 5283.

> The USD weakened against major counterparts overnight as equities and commodities rallied. EUR/USD opens strong at 1.3968, gaining steadily overnight. GBP/USD opens higher at 1.5978, making gains in the latter half of the overnight session. USD/JPY opens weaker 90.38, weakening around 0.5% overnight.

> While Crude oil surged as rising equities signalled that the US economy is rebounding and fuel demand will increase. Reports that an increase in fuel demand in the US is offsetting higher supplies also supported the rally. WTI futures contract for Mar 10 rose 3.7% to US$77.15 a barrel.

> And the LME copper increased 0.4% to US$6815 on speculation that a decline in the US dollar would spur demand for the metal as an alternative investment. Other base metal futures traded positive with zinc, aluminium, lead and nickel increasing 0.7%, 1.7%, 3.5% and 1.7%, respectively.

> And finally the US corn and soybeans rose 1.7% and 1.9% on speculation that gains in crude oil and equities might increase demand for food, animal feed and fuel made from crops after prices slumped in January. Wheat gained 2.6% on speculation that US farmers held stocks back to limit supplies. Sugar rose 0.4%, while palm oil futures were 0.3% higher.

LOOKING FORWARD TO A GREAT DAY AT THE MARKET TODAY!

AND GOOD LUCK TO ALL TRADERS!