See the latest Australian dollar analysis here:
Asian share markets are loving the possibility of the end of the US/China trade squabbles and the hope of more stimulus down a multitude of pipelines stretching from Europe, the US and China and back again.
Chinese share markets have seen the biggest gains, with the Shanghai Composite up exactly 1.5% and breaking the 2900 point barrier, currently at 2933 points. The Hang Seng Index is up even further, currently 2.2% higher to 28150 points. The daily chart is building on yesterdays breakout with a lot of upside potential if this sticks:
Japanese share markets are up strongly on the risk appetite with the Nikkei 225 reversing the previous gains to be up 1.7% at 21325 points. The USJDPY pair however has fallen back down to the low 108s after again failing to get anywhere near the two week long resistance overhead nearer the 109 handle:
The ASX200 is doing well, currently nearly 1% higher going into the close, now a new high at 6633 points. This is despite a higher Australian dollar overnight, but its not all good news as the Pacific Peso has been unable to clear weekly and daily resistance at the 68.80 level throughout this afternoons session:
S&P and Eurostoxx futures are up slightly with the four hourly chart of the S&P500 chart showing a desire to push higher after finally breaking through strong resistance at the psychologically important 2900 point level. Tonight’s FOMC meeting will be critical to support this bloated market:
The economic calendar will focus squarely on the FOMC meeting later tonight, but there’s also UK and Canadian CPI prints plus more central bank wonk speeches to digest.