Risk was definitely off today here in Asia as traders started the Sell in May and go away meme with gusto, particularly locally as Aussie stocks slumped. Commodity currencies continue to get sold off against USD with the Loonie and Aussie falling sharply while European currencies continue to ascend vs King Dollar with Swiss Franc, Pound Sterling and the Euro making nearly two week highs:
Chinese share markets were closed again with the focus on Japan as the Nikkei 225 fell sharply in the wake of caution around earnings and economic growth, closing nearly 3% lower to 19619 points after previously busting through the 20000 point barrier. Meanwhile the USDJPY pair tried to maintain some momentum from its overnight surge but is hovering right on the 107 handle as safe haven buying hots up:
The ASX200 had a big day, but this time the wrong way…and then some! The market eventually closed 5% lower on one of its worst days in a long time, losing nearly 300 points to finish the week at 5245. The Aussie dollar continued its reversal, but slowed down in the selling towards the latter half of the session, currently at 64.60 and looking weak alongside the other risk proxies going into tonights session:
Eurostoxx and S&P futures are down at least 1% or more going into the London with the four hourly chart of the latter showing the accelerated move towards the 3000 point level was way overdone and now reverting to the daily uptrend line but has the potential to break further:
Have a good weekend, stay safe, don’t be stupid with the easing of social distancing this weekend, its been hard earned…