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.