US markets hit new highs again as AUD rises against the greenback | #tinder | #pof


The Australian share market is set to end the week up, with the local currency also continuing to rise against the greenback.

As of 7:15am AEDT, ASX 200 futures were up 0.6 per cent at 6,758.

After a shaky week, that is 48 points higher than what the benchmark opened on Monday.

The local markets could be boosted by another record-breaking day on Wall Street.

The S&P 500 and the Dow hit all-time highs on Thursday (local time).

There have been many positive notes this week in the US, with worries about rising inflation subsiding and lower than expected claims for unemployment welfare.

The market also received a huge boost this week with the signing of US President Joe Biden’s stimulus bill.

However, some analysts cannot pin the latest high on anything in particular.

“There is no blindingly obvious catalyst for this latest run-up,” NAB analysts said.

“Approval of the Biden administration’s $US1.9 trillion COVID relief plan (about to be signed into laws) was surely a long way to being discounted after the Senate approved a version of it last weekend.

Big names like Apple, Tesla and Facebook all made gains of up to 4 per cent, after the tech-heavy Nasdaq recouped losses too.

Off the back of the inflation figures, the US dollar has continued to drop for the third day in a row.

The figures show lower-than-expected inflation in the US helped stabilise Treasury yields and lift world equities markets to their highest in more than a week.

The Australian dollar is up 0.7 per cent against the greenback, pushing within reach of 78 US cents.

ANZ analysts said the local currency was trading higher against the US dollar because it was simply weaker.

“Iron ore prices fell recently after the steel?producing hub of Tangshan in China announced they ‘will initiate Level II emergency response to heavy pollution weather’. 

“In our view, commodity prices (including iron ore) will remain elevated this year and can support a move in AUD above 0.80. 

“However, carbon border adjustment fees are a growing downside risk to AUD over the medium term.”

Dating app boosted by pandemic

On the US markets, the dating app Bumble jumped 20 per cent.

Bumble’s stock in the US is rising.(

ABC: Tara Cassidy

)

The app said it was forecasting a rise in user demand as people who had missed social interaction during the pandemic sought out romance and even friendship via its digital dating platform.

The company said it would build its friendship product Bumble BFF beyond its minimum viable offering, as it expected friendships and platonic relationships at large to be a massive opportunity going forward.

Bumble has more than 12 per cent of the dating market in the US and a chunk of the Australian market too.

It differentiates itself from competitors such as Tinder and Hinge by requiring women to make the first move.

ABC/wires



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