Macro Afternoon

See the latest Australian dollar analysis here:

Australian dollar runs riot on BoJo win

Another very mixed session here in Asia as traders position themselves before US earnings tonight with the overnight surge in USD continuing against the commodity currencies, although Euro is coming back late in the session.

The Shanghai Composite is set to close below 3200 points again, putting in a scratch session while the Hang Seng Index has continued its small dip, down 0.3% to 29740 points, still unable to get back to its recent steady state of daily highs above the 30,000 point level:

US and Eurostoxx futures are up only slightly going into tonight’s session, with the four hourly chart of the S&P 500 still showing an inability to get above last Friday’s high at the 2900 points level with trailing ATR support still being respected however:

Japanese stock markets are anything but stable today with the broader TOPIX falling while the Nikkei 225 advanced, closing 0.7% higher to 21870 points in response to a much weaker Yen. The USDJPY pair has continued its overnight surge to bear down on the 112 handle and has made a new weekly high as a result, but tonight’s session will see if it can be maintained:

Australian stocks were the best in the region with the ASX200 surging nearly 0.9% to be back above 6200 points, helped by the weaker Australian dollar and closing the week out at 6251 points. The Australian dollar had a minor blip early in the session but has now fallen back nearer to its overnight lows at just above the 71 handle:

The economic calendar finishes the week with EZ-wide industrial production numbers for February, then the University of Michigan April sentiment survey. Have a great weekend!

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Comments

    • They have our full institutional support to prevent any failure. When the only thing you do as a nation is sell debt funded houses it’s fairly critical.

    • Just doing their part for their friend’s election campaign……open the credit taps for a while….expect cheap petrol after Easter and lots of specials in the supermarkets……it always happens when the LNP is up for re-election…every little bit helps.

      • proofreadersMEMBER

        Yep – the great unwashed have probably forgotten about the questionable lending that the RC scratched the surface of, so why not have a lending special of the month?

    • Mining BoganMEMBER

      One of the wannabe land barons I know is concerned that the developer he’s dealing with is having trouble getting funding. Was supposed to settle two months ago but nope. I told him back then about tightening times but yeah nah, the Herald-Sun knew better.

      This guy is still on everything is about to boom mode. Won’t listen to anything else. I’m watching with pleasure.

    • The Traveling Wilbur

      @nyleta

      I’ve always been surprised Bunnings doesn’t go hard around now too. E.g. Timber/Scaffs and pulleys etc.

  1. Is it just me or are others turning for the mute button when the interim pm comes on the new?

    fm – several more weeks of this shit. SM shouting shorten, shorten…. Do such people not realise that such tactics no longer work?

  2. So, regarding Lynsys tweet. Is there somewhere where we can read about how the RBA has calculated that figure?

    • The Traveling Wilbur

      Australia. Therefore tax receipts. Therefore Scomo.

      And, seemingly, the Dow. Especially right this minute – futures have just now gone nuts.

    • Well Trumpy would think he was creaming it: imports down, exports up, that’s exactly what he said he wanted.

    • Then the commentator putting the clips together blows it when he says “a price on carbon, that’s just garbage, a giant swindle”

      So, externalities have no impact we should care about or charge for? Idiot.

      • I find his property analysis good, but I don’t agree with him on climate change.. but that’s people and opinions for you..

  3. Hugh PavletichMEMBER

    … UNITED KINGDOM …

    Tories face 60 seat loss amid Brexit backlash as ‘Corbyn bound for No. 10’ … UK Telegraph (behind paywall)

    https://www.telegraph.co.uk/politics/2019/04/13/tories-face-election-wipe-party-course-lose-60-seats-hand-corbyn/

    Jeremy Corbyn is on course to sweep into No 10 after Theresa May failed to deliver on her promise to take the UK out of the EU by March 29, a major polling analysis reveals.

    The Conservatives would lose 59 seats in the event of a general election, making Labour the largest party in the Commons, according to an exclusive poll of polls for The Sunday Telegraph.

    Iain Duncan Smith, the former Conservative leader, and Amber Rudd, the Work and Pensions Secretary, would be at “high risk” of being voted out. … read more via hyperlink above …