See the latest Australian dollar analysis here:
Share markets in Asia were mixed despite a very strong from overnight markets as traders weigh up the closed US session and the following NFP print on Friday night. The Australian dollar was the biggest mover today while other pairs are marking time as well, with the undollars Bitcoin and gold remaining strong against King Dollar.
The Shanghai Composite has declined slightly but is looking set to close just above the 3000 point barrier, still barely holding on to its early week bounce-back. The Hang Seng Index is putting in yet another scratch session to close basically unchanged at 28834 points, still unable to make good on the previous breakout but still holding on above the previous set of highs at 28500:
Japanese share markets bounced back slightly on Governor Kuroda’s comment as the Yen was relatively stable throughout today’s session, with the Nikkei 225 closing 0.3% higher at 21702 points, finally making a new session high. The USJDPY pair has gone almost nowhere since last night, still testing the mid to high 107 levels and looking somewhat weak going into tonights session with a very tight high/low band of trade:
The ASX200 was the standout gain by rallying another 0.5% higher to 6718 points, its first time over that level in over a decade with banks and consumer stocks leading the way. This is despite a much stronger Australian dollar which continues to rally above the 70 handle with overbought momentum following the RBA rate cut:
S&P and Eurostoxx futures are up only slightly with US stocks closed tonight. The four hourly chart of the S&P500 shows the market wanting to punch through the 3000 point level as successive levels of resistance have been beaten in this way – way overextended rally:
The economic calendar is very quiet tonight given the July 4th holiday in the US.