See the latest Australian dollar analysis here:
Stock markets here in Asia keep advancing on hopes that a US/China trade deal can be announced soon with the USD losing ground against all the majors, particularly Pound Sterling, while gold remains in the doldrums, Bitcoin is moving closer to $5000USD.
The Shanghai Composite is up over 1% going into the close to remain above 3200 points, while the Hong Kong Hang Seng Index is inching up to the 30000 point level, up 1.1% to 29943 points. This pushes it well above the previous high as momentum gets into a more extreme overbought position, 30,000 might be taken out or we might see a small dip here on mean reversion:
US and Eurostoxx futures are lifting stronglygoing into tonight’s session with the four hourly chart of the S&P 500 looking to advance well past its previous breakout level and setting up for a return to the previous highs above 2900 points:
Japanese stock markets are also joining in the bull run with a lower Yen helping as well, the Nikkei 225 closing 0.9% higher to 21713 points and looking to consolidate this rally with another new daily high. The USDJPY pair has pushed above its recent session highs above the 111 handle later in the session and will try to make it a new three week high tonight with momentum nicely overbought:
The ASX200 is on a tear as well, up 0.7% to 6285 points and extending its lead past previous staunch resistance at 6200 points. The Australian dollar has reversed course post Budget with a big rally above the 71 cent handle, but not above its start of week gap higher:
The economic calendar has one major release tonight of note, the US non-manufacturing ISM print for March.