See the latest Australian dollar analysis here:
Its been a more upbeat mood here in Asia compared to overnight markets with everything outside China moving higher. Gold is trying to consolidate below $1500USD per ounce while the Aussie dollar has spiked following a rally in bank stocks as all eyes focus on the ECB’s upcoming meeting.
The Shanghai Composite is the exception to the bullish mood, falling 0.4% to close just on 3000 points while the Hang Seng Index had a strong rally to close 1.6% higher at 27126 points, casting off any ideas of pausing from its well overbought status:
Japanese share markets continue to fly higher, helped by a weaker Yen the Nikkei 225 surging 1% higher to 21597 points making yet another new daily high. The USDJPY pair accelerated up to the 108 handle but looks like stalling just as the City opens:
The ASX200 is making up for lost time, limping forward by only 0.4% and taking back some of the previous losses as bank stocks drag everything along. The Australian dollar almost hit the 69 handle but has come back slightly, currently hovering at the 68.70 level and looking ready to have another go:
S&P and Eurostoxx futures are upbeat, with European stocks ready to move higher as the S&P500 four hourly chart shows some momentum building to get it back over the 3000 point level again:
The economic calendar has mainly secondary PPI and other prints from the US tonight, but watch out for the DOE oil inventory report as OPEC+ meets and ponders its existence.