The bounce is on as Asian equities play catchup with stock markets much higher to end the week, while the USD flexes its muscles against the majors, sending gold and safe havens like Yen down, as the Aussie dollar is about to make a new monthly low.
Chinese stocks are moving slightly higher with the Shanghai Composite up 0.3% to remain a smidge below the 2900 point level while the Hang Seng Index is up more than double that or aroun d 0.7% to 25880 points. Price remains under pressure below the high moving average on the daily chart, and is still anchored nearer the terminal low just below 25000 points:
Japanese share markets are doing the best as Yen sells off somewhat, with the Nikkei 225 currently up over 1.3% to 20744 points. The USDJPY pair was unable to push past the mid 106 level and is very slowly deflating but remaining above its own high moving average, currently at the 106.40 level:
The ASX200 is the best in the region, currently up 1.6% to be at 6611 points, helped by the still falling Australian dollar, now down to below its Monday morning gap open level just above the 67 handle, which could be taken out tonight:
S&P and Eurostoxx futures are boisterous as confidence comes back on a whiff of air from the Chinese on its trade war with the US with the S&P500 four hourly chart showing price continuing to move higher after its recent breakout above recent resistance at the 2900 point level, but can it break through tough weekly resistance overhead:
The economic calendar ends the week with two big releases: Eurozone wide CPI for August and US personal core expenditure spending for July. Have a good weekend!