Only local stocks put on meaningful gains on Asian risk markets today with the Australian and New Zealand dollar both outperforming against USD. The latest (ha!) CPI data put a little rocket underneath the Aussie, now over 65 cents vs USD but that is part of a wider weaker USD move as traders adjust for tonights FOMC meeting.
The Shanghai Composite is up 0.3% going into the close, currently at 2818 points but still unable to gain any forward momentum while the Hang Seng Index is equally stoic, up only a handful of points to be at 24596 points, as daily price action again rejects overhead resistance that has been tested several times in previous weeks:
Japanese share markets were closed for yet another holiday but this didn’t stop more Yen buying as the USDJPY pair retested its previous low to be just above the 106.50 level in an obviously oversold condition that is ripe for a pullback:
The ASX200 was the standout, up 1.5% to finally put some runs on the ground, closing at 5393 points, as the Aussie dollar shot higher on the higher than expected Q1 CPI print, breaching the 65 handle and overextending its strong rally from Friday night:
Eurostoxx and S&P futures are up 0.6% or so going into the London open on the back of the lower USD with the four hourly chart of the latter showing a desire to return to the sub 2900 point high reached a couple weeks back:
