A mixed day here in Asia, with no strong positive follow through from overnight markets as a lack of economic data and any substantive change on the daily Yuan fix. The ASX200 was the only casualty, while Chinese stocks are putting in scratch sessions. The Kiwi is surging versus the Aussie dollar on the surprise uplift in NZ GDP while other USD majors are floating along.
The Shanghai Composite is down only a few points going into the close, currently at 2729 points, still holding above short term resistance at the 2700 point level. The Hang Seng Index is up 0.2% to 27462 points, still slowly building out of its current funk and maintaining a position above the high moving average on the daily chart. Momentum is not yet positive, but this does set up for a run to 28000 points:
S&P futures are hesistating here alongside the Eurostoxx as we go into the European open. Note how price on the S&P500 four hourly chart is matching the previous high here and is poised to break higher here if confidence returns in full:
Japanese traders are still the bulls in Asia with the Nikkei 225 closing 0.6% higher to 26405 points. The USDJPY pair is slowly melting back to the 112 handle in the wake of yesterday’s BOJ meeting in a descent to the mean trendline that is to be expected:
The ASX200 is again the worst, down 0.3% and taking back most of the previous minor gains, closing at 6169 points. The Aussie dollar has stalled at the mid 72s versus USD and could pull back further to the low moving average at the 72.40 level going into The City open:
The economic calendar continues with the Swiss Central Bank meeting tonight, followed by the US August home sales and weekly initial jobless claims.