Asian share markets are set to finish the week on a better mood with small rises across the region. There has been some movement in offshore Yuan trading today despite the Middle Kingdom having a trading holiday with the PBOC governor indicating lots more room to move on any further deterioration in the trade war with the US. Read = more currency manipulation as the USDCNH pair wants to break through to the 7 handle:
Chinese share markets were closed for a holiday while Japanese share markets advanced firmly after a series of scratch sessions previously with the Nikkei 225 currently up 0.5% to 20897 points, now starting to build above the key terminal and psychological support level at 20000. The USJDPY pair is slowly coming back as well, pushing up to the mid 108’s but not yet above key resistance at the 108.50 level:
S&P and Eurostoxx futures are rising steadily with the four hourly chart of the S&P500 chart showing a desire to keep moving higher above terminal support at 2800 points and the recent downtrend line as confidence returns from the Fed put:
Australian stocks are having another field day with a nice surge to end the week, the ASX200 currently up 0.6% to 6425 points, easily brushing past previous resistance at 6400 points. The Australian dollar hasn’t moved around much stalling here going into the London session:
The economic calendar will be dominated tonight by the latest jobs figures from the US – the non farm payroll or NFP for May. Have a good weekend and safe trading!