See the latest Australian dollar analysis here:
Stocks in Asia are mixed with the lack of trading in Japan because of yet another holiday but also due to the latest Chinese GDP print which showed a slowing trend, but an economy still powering ahead with industrial production and retail sales figures much higher than expected. Bitcoin is having a tough time as Trump adds to more things he doesn’t like coming out of America, gapping down over the weekend to below $10000!
The Shanghai Composite is having a slow start to the week, up only 0.1% or so, currently at 2931 going into the close. The Hang Seng Index is up about the same and consolidating Friday’s rise to be at 28505 points, trying to maintain itself above the previous set of highs at 28500:
Japanese share markets were closed so trading in Yen was also muted, with a gap higher on the Monday morning open sending the USJDPY pair back above the 108 handle after its selloff on Friday night:
The ASX200 is again losing a lot of ground, down 0.6% and closing at 6653 points, mainly due to bank stocks but also a general malaise in industrials, remaining well below the 6700 point level breached last week. The Australian dollar continues its bounce from last week and is hovering above the 70 cent level against USD, ready to take out the previous weekly highs:
S&P and Eurostoxx futures are up 0.2% with the S&P500 four hourly chart wanting to extend its gains from Friday, where it closed decisively above the key psychological 3000 point barrier as the market goes all in on the Powell Put:
The economic calendar starts the week slowly in the Northern Hemisphere with some Treasury auctions and not much else tonight.