See the latest Australian dollar analysis here:
Stocks are up across the region, except locally where traders forgot to fill their buy orders later in the afternoon as the RBA held back on its last rate cut, giving no forecasts for what’s coming down the “V” for vacuous recovery. The rest of the risk complex is still dancing gaily across a sea of sun dapped flowers in joy as they remain confused about the maths behind the rate of change in COVID-19 cases and death rates.
The Shanghai Composite reopened and has launched higher, up more than 2% to 2821 points going into the close while the Hang Seng Index is set to close a little more than 1% higher at 24014 points, remaining just above its high moving average on the daily chart, as this breakout continues in its initial steps:
Japanese share markets are pushing higher as well as the Abe government announces cash handouts as part of its stimulus with the Nikkei 225 closing 2% higher at 18958 points, now getting closer to resistance at the 19000 point level as the USDJPY pair pulled back from its Friday rally, breaking back below the 109 handle as it was getting a little ahead of itself:
The ASX200 gapped nearly 2% higher at the open but nobody was brave enough to buy more shares off each other and snapped back to record a 0.6% loss for the day at 5252 points. Meanwhile the Aussie dollar is now bursting out of the gates as the RBA did almost nothing at its recent meeting, sending the signal to boost the commodity proxy higher, almost up to last week’s high, currently at the mid 61 level:
Eurostoxx and S&P futures are just over 1% with the four hourly chart of S&P futures showing a breakout above the 2600 point resistance level equating to the previous weekly highs and stumbling points – can this get more traction as the morgues move into Central Park?