A relatively quiet day on the markets although headlines blurted out that economic contraction is the worst since 1991. On this news the market rallied – all because sentiment was expecting more. The AUD rallied a little after yesterdays poor news saw it struggle to hold gains, especially after US strength last night. The fact that the AUD moved higher after odays GDP suggests that the market still perceived more interest rate increases will be forthcoming. Some pundits suggesting another two this year. A good bullish session in the US seems to have put the immediate downside momentum to stop. Let’s see how it can follow through tonight.