Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Stock markets across Asia are mixed with the local ASX200 retreating while Chinese stock markets are closed for a holiday as Japanese bourses lift slightly. The USD is weakening going into tonight’s US unemployment print with Pound Sterling rising the sharpest.

US and Eurostoxx futures are slowly rising going into tonight’s session with the four hourly chart of the S&P 500 showing moving past previous hesitation and setting up for a return to the previous highs above 2900 points:

Japanese stock markets are looking to end the week on a very firm note with the Nikkei 225 closing 0.3% higher to 21807 points, continuing to build above its recent highs. The USDJPY pair began the morning session strongly and approached the 112 handle but slowed down in the afternoon where the failed bearish rising wedge pattern is now morphing into a stronger breakout potential above 111.80 or so:

The ASX200 has retreated again and has closed out the week below 6200 points, failing to make good on its recent breakout to be 0.8% lower to 6181 points. The Australian dollar is partially to blame as it slowing rises above the 71 handle and looks set to make a new weekly high if it can break above the weekly downtrend line:

The economic calendar ends the week with the most important release on the calendar – US non-farm payrolls, employment numbers for March.

Have a good weekend!

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  1. bzunicaMEMBER

    Got a letter in the mail saying that my power bills are going up by about $25 per quarter. Not a good time to get that letter just after the Libs had been telling us how good things were going. Also they continuously tell us how they are going to keep our electricity bills down…

  2. haroldusMEMBER

    Anyone know what those rumours fare about Scotty and the Engadine Macdonalds in 1997?

    He dropped his bundle?

  3. TailorTrashMEMBER

    Gavin ……… and weep ………….
    ………..this was indeed a national asset …visited it and was totally impressed …..might have been worth a few tax dollars to save …….but sadly …..”one of the biggest and most diverse car collections in the world, closed its doors for good in February due to a dispute with tax authorities”…………..

    ….and what is the bet that the site is turned into apartments………soulless Straya is almost beyond redemption……..

    • It wasn’t really a Museum though it was a car dealership that quite a few people would be happy to see close. Heard a few people bought cars that were not as authentic as first thought.

      It was a Bunnings site, so apartments wouldn’t be so bad lol.

  4. Ronin8317MEMBER

    The preliminary crash report into the Boeing 737 Max crash in Ethiopia can be found here.

    Looking at the FDR, the pilot did exactly as Boeing suggested to ‘solve the issue’ and disabled the electric trim of the stablizer. However, as MCAS already angled the stablizer down, they struggled for about 2 minutes and discover they cannot manually move it back up. The plane may be gaining altitude with full force on the column, but it’s not controllable. In desperation, they put the electric trim back on to pitch up, and MCAS pitched the plane into the ground.

    There are no shortages of astroturfers on the internet right now trying to blame it on the pilots, probably hired by Boeing. The way I see it, the 737 Max won’t fly again with the MCAS enabled : it does not even do a simple check on the input when the data is impossible. (75 degree AoA?? is it a kite?) Even if the FAA accepts it, will the EASA accept it? The CAAC definitely wouldn’t, and most importantly, will the flying passengers?

  5. The Traveling Wilbur

    Public service announcement:

    Dear tradies, “condute” is not an actual word. Thank you for your attention. Please carry on.

    • haroldusMEMBER

      Wow. You’ve just destroyed the MB late night Friday tradie demographic.

      Well done you.

      Revoke his membership, I say!

    • We could make it one on urban dictionary. I’m getting a verb vibe from it.

      To condute, or not to condute: that is the question: Whether ’tis nobler in the mind to suffer The slings and arrows of outrageous taxation, Or to take arms against a sea of paperwork, And by taking cash in hand, end them?

      • The Traveling Wilbur

        Da do run condute, da do run run condute.

        Would be more apropos. And more irritating.

      • A happy life must be to a great extent a nukular life, for it is only in an atmosphere of nukular that true joy dare live.

      • The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think nukular.

      • What a man does for pay is of little significance. What he is, as a sensitive instrument responsive to the world’s nukular, is everything!

  6. Michael West on ABC RN says Energy Australia pay no tax. It’s all syphoned off overseas to tax havens. Unreal. I want Labor to address this BS..

    • Can someone tell me what is the most ethical energy provider in Australia. I still have my Gas with Energy Australia and this motivates me to leave them. No matter the cost increase.

  7. Hugh PavletichMEMBER

    SYDNEY AUSTRALIA: Tenants save big on rent as rising supply forces landlords to cut prices … The Daily Telegraph / News Com Au


    Sydney tenants have been pocketing hundreds of dollars a week in savings as mounting housing supply forces landlords to discount their rents by nearly 25 per cent in some city pockets.

    The savings showed renters have become the surprise winners from rampant investor buying during the property price boom from 2014-2017, which has flooded the market with rental properties.

    Recent falls in property prices also encouraged more property seekers to purchase their first home and leave the rental market, cutting tenant competition for properties. … read more via hyperlink above …