As we head into the end of the week, the bulls remain fully in charge on global stock markets with Asian bourses looking set to end on a good note across the board. Not much data today, although some indication that the BOJ is unsure it will hit it’s inflation mark sent the Yen lower, helping domestic stocks, while S&P lifted its Aussie outlook, sending the AUD higher against everything but the Kiwi.
The Shanghai Composite is up nearly 1%, currently at 2756 points, now building well above short term resistance at the 2700 point level. The Hang Seng Index is up similarly to 27753 points, 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 finding there peak here alongside the Eurostoxx with price a little overstretched on the four hourly chart after last night’s breakout:
It’s all systems go in Japan with the Nikkei 225 currently up yet another 1% for a stonking session this week, up nearly 8% for the month and currently at 23922 points. The USDJPY pair is building again after its surge above the 112 handle as we head into matching the previous high a little too fast but still achievable at 113.20 or so:
The ASX200 is again the laggard, up only 0.3% as its weighed down by the Aussie dollar, currently at 6187 points. The Aussie dollar has made some more gains here versus USD, almost breaching the 73 handle where its finding some short term resistance or buying exhaustion :
The economic calendar ends the week with a slew of preliminary manufacturing and services PMI across the EZ and the USA.