Macro Afternoon

See the latest Australian dollar analysis here:

Australian dollar thumped to eleven year low

Mixed conditions across Asian stocks markets today with Chinese markets absorbing the trifecta of economic prints without much fuss while Japanese bourses advanced on a selloff in Yen. The Australian dollar still wants to move higher almost breaking through 72 cents and a new weekly high.

The Shanghai Composite has floated along to close only a handful of points higher at 3262 points, while the Hang Seng Index is also treading water, losing a couple of points to close lower at 30117 points, still hovering around a steady state of daily highs above the 30,000 point level:

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

Japanese stock markets were better due to a momentary selloff in Yen with the Nikkei 225 lifting 0.25% higher to finish at 22277 points. The USDJPY pair broke through the 112 handle on a fakeout breakout before reverting back to its three day tight trading range:

Australian stocks did poorly on the absorption of the Chinese risk and the higher Australian dollar with the ASX200 closing 0.4% lower to 6256 points.  The Australian dollar also had a breakout that couldn’t stick, breaching the 72 handle before sellers stepped in, as is pretty obvious on the four hourly chart. It’s still elevated and well supported by momentum here so we could see another trigger higher tonight :

The economic calendar includes the UK and Canadian CPI prints for March, trade balance figures from the EZ and USA, plus three central bank speeches in Europe and the US. A busy one!

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    • Mystic MedusaMEMBER

      @Adam, I came here to post the Daily Mail version of that story. It’s happened sooner than I thought it would.

      in other news, I was getting repeated calls from a mobile I did not recognize so I finally answered – was a real estate agent I last dealt with FIVE years ago and even then in a nosy neighbor capacity at an open home.

      • If I eventually start looking to buy, it will be a burner sim for giving to REA’s. No way do I want those c0cks ringing me 5 years down the track trying to drum up business.

      • My agent of 15 years (I rent) called me for the first time ever to see if I was interested in buying an apartment. Undermining landlord and annoying tenant with unsolicited calls. Desperate times.

      • Mystic MedusaMEMBER

        @Arrow it was archetypal. He sounded fatigued. When I said I was not in the market, he roused himself to an anemic “no, you should be! Don’t be influenced by negativity you may have seen in the news media. If you don’t take advantage of the market now, you will be locked out when it comes back in Spring.”

        Sorry to say I had no witty riposte to this. I just murmured something anodyne and clicked end.

    • TailorTrashMEMBER

      Now THAT is art …….definitely McGrath western suburbs renaissance for sure …the makings of a masterpiece……..Padstow passion ….

      • The Traveling Wilbur

        Bollocks! Reusa’s got more moves than a Brazilian Chess Grand-Master. Those two were average ay best. Shame.


    • God it’s awful, running on the kitchen bench top? Thing is it will generate a lot of interest in a horrible tacky home that would otherwise probably blend in with a bunch of similarly horrid houses.

      I don’t understand why everyone wants to live in a Kardashian style house? They must have as much personality as a cardboard box.

    • Arthur Schopenhauer

      Wow! Any publicity is good publicity. Pure unintended genius! Global blanket social media advertising. Going for gold! Lol!

    • Hugh PavletichMEMBER

      Melbourne buyers face valuations shortfall … Australian Financial Review

      New home buyers who purchased Melbourne housing lots at the peak of the market are scrambling for cash to settle their contracts or risk defaulting due to valuations coming in tens of thousands of dollars below what they agreed to pay 12 to 18 months ago.

      The valuation shortfall comes as Melbourne lot prices start to fall sharply, after surging 30 per cent in 2017 to new highs of over $350,000, and as sales drop to well under 1000 a month, forcing developers to offer incentives and cash rebates to attract buyers. … read more via hyperlink above …

    • Would have to be paying 40 times for a f kn paint company?
      What have they setup a tech arm or something also

    • This is what happens when the cost of money is zero – or less. The future is going to get really ugly. Sorry kids you’re gonna wear it – when the reserve currency defaulted in the 70’s this was always going to be the result. Just took longer than I expected.

      • The Traveling Wilbur

        Kids? Future generations? Meh.

        Howard gave them the brush off years ago. Just thinking about his last election makes me bristle.

  1. That english gent gets some airtime on 7:30 talking about negative equity (and Leigh stuffs up her opening sentence).

    The kouk seems to assume that just because there were virtuous circles on the way up there’ll be virtuous circles on the way down. But I’m pretty sure that the downwardness usually triggers vicious circles.

    • I can tell you I spent time traveling in Syria and saw many sights inc. Palmyra I was absolutely devastated to see it destroyed. Gut wrenching, I love history and preserving important buildings, cars, structures, art work etc.. so I makes me feel very sad when I hear about anything old/significant being destroyed.

      I think the media loves to point the finger, but they are the ones who set the narrative..

    • ErmingtonPlumbingMEMBER

      “Last year’s fire at the National Museum of Brazil destroyed more than 90 per cent of its collection of 20 million items, including numerous indigenous artefacts. This was a loss far greater than that in Paris,”

      “Colonial values continue to organise our hierarchy of cultural worth.”

      “In the Middle East, warfare has been a major cause of cultural loss, but Islamophobia and Eurocentrism means most citizens of the West are probably less sensitive to destruction of material heritage in that part of the world”

      F#fking postmodernist bullsh!t.
      This crap needs to be called out every time it is uttered, for the Racist anti Western shyte it is.