Macro Afternoon
by Chris BeckerSee the latest Australian dollar analysis here:
Markets have started the week here in a generally positive fashion across Asia, despite a mixed and flat lead on Wall Street on Friday night, with Japanese stocks leading the way, while the local ASX200 is trying to breakout again. Currency markets are very flat while gold can’t seem to gain any traction in Asian trade, coming up against staunch resistance at the $1950USD per ounce level:
In mainland China, the Shanghai Composite was up nearly 1% but is now close to put in another scratch session, currently up only 0.1% at 3263 points while in Hong Kong the Hang Seng Index is bouncing back, up 0.6% to 24659 points. Japanese stock markets were the best performers again with the Nikkei 225 rising nearly 0.7% to 23556 points while the USDJPY pair is slowly deflating as it threatens to break below the 106 handle:
The ASX200 closed nearly 0.7% higher at one point shy of 5900 points, led by commodity stocks as BHP and Fortescue both put on around 2% while the Australian dollar continues to hold on a steady course of going nowhere, still stuck at last week’s point of control at the 72.80 level against USD:
Eurostoxx futures are following the Asia lead, up 0.6% while S&P futures are slowly rising off the floor, with the S&P500 four hourly chart indicating a potential bottom at the 3300 point level that could firm into a bounce late tonight – watch 3420 as the key resistance level to beat:
The economic calendar is relatively quiet tonight with EZ wide industrial production estimates and US consumer inflation expectations the only tertiary prints of note.
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