Asia is having a mixed to positive day to finish the trading week with concerns over the coronavirus contagion subdued, leading to tight ranges on forex and stock markets. The Yuan sold off again offshore going into the Lunar New Year holiday week as Chinese stock markets were closed today.
Japanese share markets were stable throughout the session as no further safe haven buying in Yen eventuated with the Nikkei 225 closing up 0.2% higher to 23832 points, nowhere near clawing back the previous losses and finishing the week below the key 24000 point resistance level. The USDJPY pair has been relatively tight as well, trading at or on the mid 109.50 level all day but still looking very weak here:
The ASX200 put in a scratch session, finishing the day unchanged at 7090 points. The Australian dollar was similarly unaffected and traded in a very tight range following its previous volatile 24 hours following the unemployment print:
Both S&P and Eurostoxx futures are lifting slightly with the four hourly chart of the S&P500 showing a minor push back to the intraweek high nearer the 3330 point level with this consolidation likely to continue as the market failed to return to the ridiculous uptrend line above:
The economic calendar finishes the week with a slew of preliminary readings for service and manfuacturing PMIs across Europe and the US plus a big round table at the WEF that is worthwhile to listen to. Have a good weekend and stay safe!