US stock again closed higher yesterday, and forex market also reflected the optimism: Aussie and New Zealand dollar gained over 1% at one point, and WTI closed 4.03% higher.
　　Dow Jones Index, S&P500 and NASDAQ gained 1.05%, 0.82% and 0.59% respectively upon closing yesterday.To get more news about WikiFX, you can visit wikifx news official website.
　　The upbeat mood of Wall Street will likely spill over to Asian session, creating rising momentum for Asian market and growth-oriented currencies such as AUD and NZD. Next the market is expected to shift much of their focus from the recent spotlight of RBA‘s policy decisions to the country's GDP report in Q1.
　　As a major exporter of large commodities, Australia has been trying to dodge a recession unseen in nearly 3 decades, but given the current difficult geopolitical and economic situation, the country has little chance to survive the challenge unharmed.
　　AUD/JPY surged 2.3% yesterday, and the pair had already risen 20% after bottoming out at 62.41. Right now it continues to hike and is testing the several months resistance level of 75.925-76.320.
Despite the easing of virus lockdown measures around the country, US oil demand also dropped by about 4 per cent against the previous week, the EIA said. At 16m b/d it was a quarter lower than a year earlier. More than 40m workers claimed unemployment benefits in the US last week, according to the countrys labour department.
　　The extra oil imports pushed US crude inventories sharply higher. This dug into some storage capacity, but utilisation rates remain well under the high levels that sparked WTIs collapse below zero last month.
　　Imports from countries other than Saudi Arabian including Canada, Mexico and Opec producers Nigeria and Iraq, also rose last week - and more are coming, according to analysts.
　　Recommended Oil US oil production drop steeper than expected Saudi imports "are likely to remain high in the next few weeks but they will fall sharply from mid-June," as the Opec cuts take effect.

Equities ended another day on a happy note with the Dow Jones, S&P 500 and Nasdaq indices closing 1.05, 0.82 and 0.59 percent higher, respectively. The buoyancy was reflected in FX and commodity markets with AUD and NZD having surged in some cases over one percent with WTI clocking in 4.03 percent gains. The anti-risk Japanese Yen was hammered along with the haven-linked US Dollar and Treasury bonds.To get more news about WikiFX, you can visit wikifx news official website.
　　Market participants shrugged at unrest in the US, where struggling economic activity amid the Covid-19 pandemic has been hampered further by state-enforced curfews responding to looting and vandalism. This is against the backdrop of protests and riots following the killing of George Floyd by a police officer in Minneapolis.
　　Traders may be operating on the market-friendly narrative that easing lockdown measures will lead to a speedy recovery despite Depression-era high unemployment. This in turn is helping to push cycle-sensitive assets higher.
　　Wednesdays Asia-Pacific Trading Session
　　Wall Streets rosy session may ring into Asia and help support APAC stocks and growth-oriented currencies like the Australian and New Zealand Dollars. Higher-beta FX - particularly those tied to emerging market economies - may benefit from resilient risk appetite. Credit markets may continue to show signs of easing as spreads on credit default swaps on sovereign bond yields in Asia - apart from a few - continue to narrow.
　　With another relatively-light data docket, the primary focus will likely be another Australian-based event, only this time instead of the RBA - like yesterday - today will focus on Q1 GDP statistics. The commodity-exporter country has managed to avoid a recession for almost 30 years - even dodging one in 2008. However, the current geopolitical and economic terrain may now be too rough to traverse unscathed.
　　AUD/JPY Technical Analysis
　　In the past 24 hours, AUD/JPY has surged 2.30 percent, adding onto its remarkable 20 percent recovery after bottoming out at 62.41. The pair continues to climb above a steep uptrend and is coming close to retesting a multi-month resistance range between 75.925 and 76.320 where the pair had previously stalled. Cracking that ceiling opens the door to testing the lower tier of the 77.736-79.843 range.