A nervous end to a volatile week here in Asia with most stock markets treading water as the USD slipped back against the major currency pairs. In anticipation of the OPEC meeting later tonight, commodity prices are relatively stable as the market prices in a modest production lift.
The Shanghai Composite was up before the long lunch session, but has slipped evver so slightly going into the close, down about 0.1% to 2871 points. The Hang Seng Index is following suit, currently exacting square at 29253 points, still well below resistance at 30000 points and the long held lower trend line here on the daily chart:
S&P futures are up slightly alongside Eurostoxx – but only just, with the four hourly chart still in dip mode here with resistance overhead at 2780 points still looming large:
Japanese stocks had the worst day on the back of a stronger Yen, with the Nikkei 225 down approx 0.8% at 22504 points. The USDJPY pair is trying to find its feet here, depressed slightly below the 110 handle where I’m watching for a lift back to the high moving average at around 110.30 later tonight:
The ASX200 finally had an off day, but not by much, off about 0.15% to 6224 points as profit taking before the weekend drags down the exuberance. The Aussie dollar has pipped up slightly, almost breaking through the 74 handle as it tries to find a bottom here on the four hourly chart:
The data calendar concludes the week with some preliminary services and manfuavuring PMIs in Europe and the US, then Canadian CPI.
Have a good weekend!