Macro Afternoon

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Asian markets are mixed today in response to the overnight FOMC Meeting with much higher undollar assets providing headwinds. Japanese stock markets were closed, while the Yuan appreciated as the PBOC set the strongest rate since July last year.

The Shanghai Composite is back over 3100 points, currently up 0.7% to 3113 after yesterdays sudden drop, despite a stronger Yuan. The Hong Kong Hang Seng Index is up slightly or about 0.2% to 29370 points, still above last week’s breakout above 29000 points, but barely eking out the gains here:

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US and Eurostoxx futures are flat again going into tonight’s session with the four hourly chart of the S&P 500 showing price stabilising above solid support at 2820 points, but the confidence bug has left after the Fed went too dovish overnight:

Japanese stock markets are closed today for another holiday (vernal equinox believe or not) but that hasn’t stopped currency traders sending Yen higher against USD following last night’s rout of the USDJPY pair. Its now closing in on the 110 handle and not finding much support:

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The ASX200 is putting in another scratch session in response to today’s job figures and the rise in the Australian dollar, falling only a few points to remain well below the 6200 point barrier again. The Australian dollar launched higher on the headline print, making good on last nights breakout against USD due to the dovish Fed, but has come back a little in the afternoon to be right on the mid 71s and well overbought:

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The economic calendar will return its focus back to the UK tonight with the ongoing Brexit saga to be quickly overshadowed by the latest BOE meeting, then its back to the US for initial jobless claims.