​AUD, NZD Up and USD, JPY Down Amid US Stock Market Rise

WikiFX News (8 June)- US Stocks surged after Mays Nonfarm Payroll(NFP) was released on June 5th, leading to a decline in safe-haven assets such as USD and JPY, while Australian and New Zealand dollars improved.

The uprising momentum is expected to continue in the Asia-pacific stock market today.

Report shows that US non-agricultural employment increased 2.509 million, much better than the markets projection of an 8 million decline. Jobless rate dropped 13.3%, much lower than previous estimation of 19.0%. The statistics boosted US stocks, with safe-haven yen and greenback falling in the risk-on environment. On the other hand, growth oriented assets such as AUD, NZD and oil-linked currencies are getting overpriced.

On June 6th, OPEC agreed during the meeting to extend the historical production cut until July. According to the deal the OPEC members will slash output by a total of 9.6 million barrels per day, and currencies such as Norwegian krone and Canadian dollar are expected to benefit from this change, and the rising momentum of US equities is expected to continue in Asia-pacific market as well.

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