See the latest Australian dollar analysis here:
Stock markets are yet to take a breather after a week of excess with only Chinese markets pulling back ever so slightly. Risk sentiment remains well above macro reality going into tonights ECB meeting with most currencies slipping against USD except gold which has recovered slightly to just above $1700USD per ounce.
In mainland China, the Shanghai Composite has taken back its previous gains to finish down 0.2% to 2917 points, while the Hang Seng Index is off a similiar amount to 24265 points. This keeps price below the previous sideways highs from April but still well above previous firm support at the 23300 point level:
Japanese share markets just can’t stop rising although today’s session was relatively modest with the Nikkei 225 gaining only 0.3% to 22625 points, still continuing its extremely overbought uptrend. The USDJPY pair is also continuing its blowout with a lovely bearish rising wedge pattern nearly complete on the four hourly chart as it breaches the 109 handle:
The ASX200 was looking to crack the 6000 point level and did so twice through the session but couldn’t close above that key level although it had the best day of all, closing 0.8% higher to 5995 points. The Aussie dollar is finally taking a breather, sitting just on the 69 handle and still unable to get above the pre-pandemic level just below the 70 cent level:
Eurostoxx futures are flat, up only 0.1% or so alongside S&P futures which continue to march in a straight line like the recently called in military on Washington DC.
Oh and happy Tiananman Square Day everybody. Authoritarians around the world unite! Get those tanks ready…