Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A lot better conditions here in Asia today with Chinese markets rebounding on the expectation of much better economic data while the Australian dollar was the biggest currency mover on the release of the RBA Minutes, sending the Pacific Peso down over 30 pips.

The Shanghai Composite has rebounded sharply by climbing over 2% to close at 3253 points, while the Hang Seng Index has reversed its recent small dip, pushing 0.8% higher to 30033 points, getting back to the previous steady state of daily highs above the 30,000 point level:

US and Eurostoxx futures are up about 0.2%, with the four hourly chart of the S&P 500 wanting to advance further on the new high establised on Friday above the 2900 points level with trailing ATR support still ratcheting higher and being respected:

Japanese stock markets were mixed due to a slightly stronger Yen with the Nikkei 225 treading water to finish up 0.2% to 22221 points. The USDJPY pair has not found any support during today’s session, retracing back down below the 112 handle, unable to maintain the Friday high but still above its new weekly high:

Australian stocks did well on the Chinese risk on move and the lower Australian dollar with the ASX200 closing 0.4% higher to 6277 points.  The Australian dollar has been trying to hold on to its Friday night fake out but the RBA minutes saw it fall back below that level, currently at the mid 71s going into the City open:

The economic calendar includes the closely watched ZEW survey from Germany tonight plus a couple of Fed speeches to keep an ear to the ground on.

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      • haroldusMEMBER

        SMarsh fvck me.

        Handscomb has been consistent down the order for something like 6 months now.

        What’s Khawaja there for then? Spare opener?

        Be that as it may:

        Warner leads the IPL run scoring at the moment. I think he has to be there.

        Smith has 8 ODI 100 and 19 ODI 50s with an average of 41.84. That’s pretty fvckin good.

        He’s also averaging 37 in the IPL, which is also pretty fvckin good.

        The question is, how are our batsmen going to cope against the swinging ball?

        Leading to the second question, are we going to load up on mints like faf et al?

        Leading to the third question, is M Starc cooked, or has the break been good?

        Finally, Patty, Jhye Richardson, NCN, Starcy, Zampa and Lyon plus Maxi and Finch seem like an OK bowling unit.

        Who thinks this could be Warner’s and Maxi’s WC? Anyone know if they get on?

        Also, what do we think about Behrendorff?

      • haroldusMEMBER

        Should add I really like Stoinis, for a couple of reasons.

        1) He has played a couple of outrageous innings for aus in the last couple of years
        2) Seems to nip out wickets
        3) Has the worst haircut I have seen in a while (shaved sides, longish top and back)
        4) Name sort of sounds like penis.

      • haroldusMEMBER

        Should add I really like Stoinis, for a couple of reasons.

        1) He has played a couple of outrageous innings for aus in the last couple of years
        2) Seems to nip out wickets
        3) Has the worst haircut I have seen in a while (shaved sides, longish top and back)
        4) Name sort of sounds like pen!s.

  1. Anyone think the Notre Dame fire was deliberate like a sentimental kind of terrorist attack? Pretty easy for an Electrician on the restore to do some dodgy terminations or wiring and bang it goes up in flames right before easter. This will hurt the Parisians dearly and will take decades and millions to restore. It was a beautiful building.

      • reusachtigeMEMBER

        The worst attack on The Church recently has been what has sickenly been done to Israeli Folau!

      • Isis have form destroying religious statues in Syria, and attacking France. The headline “High profile Christian target attacked by Islamic Extremists” would not be surprising to anyone.

        I do think if Isis did it, it would have been more bomb-ish.

        I also think if they did do it, then if it became known, it would be a bloodbath across the planet.

    • Notre Dame burning down the holy week of Easter? I think God might not be happy with some of the recent goings on in the Catholic Church.

      • The big fella is a bit slow if it is taking him this long to act. And why punish a building?

    • interested partyMEMBER

      This week historically is full of troubles and strife.
      Abe Lincoln shot and died.
      Titanic meets iceberg…sinks…
      Hillsborough disaster
      Boston marathon bombing
      Waco shootout
      Colombine shooting
      now the fire at Notre Dame


      • Nah. Statistically you’ll find several bad things happen in any given week throughout history. Think about it. There have been an awful lot of bad things throughout history, and there are only 52 weeks.

    • Hopefully it’s not deliberate. I’ve been to Europe many times and Egypt and Morocco and the ancient structures here are true art, it is unimaginable how these were built hundreds or over a thousand years ago, the rubbish glass and concrete that passes for art today does not compare.

  2. If you can’t have a go you don’t deserve a fair go. Morrison’s election message – so make sure you’ve got the right parents, genetics, bank balance, postcode and luck in life otherwise you don’t deserve a fair go.

    • Mystic MedusaMEMBER

      I would like to know who actually signed off on making the NBN compulsory. My perfectly robust and speedy cable connection is to be cut off and compulsorily transferred to a slower NBN connection in June. I understand I can shop around for different NBN solutions but to force someone to give up a good and reliable connection to take up a slower one seems just irrational.

      And, they said that while I may attain speeds comparable to the current cable connection, it won’t be during peak hours. They are, said the person (who probably has far faster internet in India) “7 pm to 11 pm and also 9am to 5 pm.”

      • drsmithyMEMBER

        I understand I can shop around for different NBN solutions but to force someone to give up a good and reliable connection to take up a slower one seems just irrational.

        Get a faster NBN plan ?

      • Mystic MedusaMEMBER

        @drsmithy – fastest NBN I can get is still slower than what I am on. It’s actively obstructing creatives, home businesses, students and so on – it should never have been compulsory. And @proofreaders, yes! It’s so sad and weird to witness the cognitive dissonance between the political messaging and what people are saying/talking about.

      • Well the party that wanted to create a new telstra calculated on the back of envelope is about to come back to town and own it.

      • drsmithyMEMBER

        Telstra cable is 100/5 (or 110/5 since a couple of weeks ago in some areas).

        You should be able to get NBN at 100/40 ?

        When it was made compulsory you were going to get FTTP that would scale to gigabits.

      • Mystic MedusaMEMBER

        @drsmithy – I will sort this out although hopefully without having to return to Telstra, but the whole ‘compulsory process’ is infuriating. And yes absolutely, Australia with a super-speedy internet all over the country would have paid for whatever it cost.

  3. haroldusMEMBER

    Wilbs have discovered another red that seems to be OK.

    No faults. Compared to the JCCV a lot darker in the berry/chocolate section of the wheel, jammy linger, slight bitterness (which I quite like) but finish not so long in the middle of the palate. On the front good length from the dark fruit. Reasonable tannin grip. Weirdly some lychee/watermelon/geranium?? undertones in the finish. I think that is related to the middle palate actually.

    Medium intensity purple with the beginnings of brick orange on the meniscus.

    Nose dark fruit but haven’t got my tasting glasses so can’t be that accurate.

    A lot less cheeky than the JCCV.

    Chapel Hill, the Parson CS Maclaren Vale 2017.

    2 for $32 from BWS.

    This guy seems to agree. I think what he calls tar is what I think is bitterness.

  4. The Traveling Wilbur

    7-11 Update: Can confirm there is a white-guy working in the Albert Street store in Brissy. He must do a lot of hours – it was late and I assume he is the only one. No idea if it’s a corporate store or not. Didn’t go in – he noticed me staring as we were walking past and he was clearly not impressed. Message ends.

  5. The latest decision by a Qld judge who is developing quite a name for himself:

    Sounds like the decision will go to appeal…

    “”[We] are also troubled by the fact that [the judge] fails to refer to any legal precedent or case law in Australia to support his interpretation of our enterprise agreement, or academic freedom in Australian employment law,” the statement said.”

    You know there might be a problem when the Fin Review goes with this as a headline.

    “Could Salvatore Vasta be Australia’s worst judge?”

    Seems to be following in his dad’s footsteps.

    Just as well his brother decided to avoid joining the legal profession but rather chose to get an honest job and become a politician.

    • The Traveling Wilbur

      Answer is no as Campbell Newman made Australia’s worst judge the Chief Magistrate. So position is taken (well it was).

      • It’s definitely poo-specific, every other currency appears unmoved so I dunno but my wild guess is someone from the RBA said something stupidly bullish in an after dinner speech.

    • Dodgy Chinese data boosts CNY, Their outputs EUR, & inputs AUD. US10T money flowing out, YEN meandering to bottom of basket range = Signs of risk on. Although prices are still within moribund ranges. This could be the beginning of some momentum, too early to know if it’s real. Daily TF’s.

      Edit – just realized I’m a day+ behind, but analysis is current.

    • I’m at the fallacy of sunk costs stage. The quality has dropped and I’m just seeing it out because of all the time that I’ve previously invested.

      • The Traveling Wilbur

        Wasn’t keen to repeat my “Lost” mistake. Knew better, eventually watched anyway. Peer pressure.