by Chris Becker
Its another green green day in Asian equity markets as the USD continues to surge alongside commodities, except of course, gold.
The Shanghai Composite is having another breather today, up a few points after lunch at 3243 points but still on its way to my target at 3400. The Hang Seng is however falling on the flailing Yuan, down 0.3% to 22600 points, unable to make headway after its breakout of its downtrend previously:
In Japan, share markets reopened after the Labor Day holiday and immediately sprang higher with the Nikkei up 1% to 18400 points, as the Yen sells off again. The USDJPY pair moved back up to its previous session high just below the 113 handle where it remains going into the European sesssion:
S&P Futures are basically steady on low volume given the Thanksgiving holiday tonight that will see US markets close before the consumer orgy of Black Friday.
Meanwhile, the ASX200 is having a scratch day going nowhere, stuck at 5484 points.
The Aussie dollar fell to 73.60 on the Sydney open, finding some temporary support here but I’m watching that to capitulate overnight:
Gold too is facing another selloff with pressure building in Asia – watch the $1180USD per ounce level to break later:
The data calendar is relatively quiet again, given the Thanksgiving holiday with a few mid tier European releases that shouldn’t excite much. Tomorrow morning though it ramps up with Japanese CPI.