Macro Morning: Aussie breakout

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By Chris Becker

The mixed day in Asia yesterday has followed through to a flat European and American session overnight, with no major economic releases and just a few central bank jawbones for the market to hinge upon.

The Nikkei slipped 0.1% yesterday, remaining in seriously overbought territory as Chinese bourses were mixed, the Shanghai Composite off half a percent and the ASX200 up another 0.3% to 5945 points. SPI Futures are pointing to a 20 or so point slip on the open this morning but this could be reversed by the surprisingly good Qantas profit print announced pre-market.

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