See the latest Australian dollar analysis here:
Heading into tonight’s US non-farm payroll (monthly unemployment) print, Asian stock markets have put on another strong finish to the week as risk sentiment goes back to its excessive highs following an all too brief pause. Non USD currencies are doing well before the report with gold the only undollar not to make any meaningful gains, although it remains above the $1700USD per ounce level.
In mainland China, the Shanghai Composite has finished the session with a flourish, up 0.4% to 2940 points, while the Hang Seng Index surged more than 1.6% to 24771 points. This puts price almost above the previous sideways highs from April as this market gets ready to breakout:
Japanese share markets just keep going with the Nikkei 225 gaining 0.7% to 22863 points, still continuing its extremely overbought uptrend. The USDJPY pair is doing the same with its blowout move now pushing up to 109.30, almost hitting the previous monthly high at 109.40:
The ASX200 still can’t crack the 6000 point level and finished the week = and the long weekend – with the expected profit taking, finishing up a few points to 5998. The Aussie dollar has pushed aside its mid week high and surged up to the pre-pandemic level just below the 70 cent level, breaching very briefly earlier today – where to with tonights unemployment print? This is way overextended!
Eurostoxx futures are up over 1% alongside equally exuberant S&P futures which cannot be held back as the daily and four hourly charts start to resemble the rising number of new COVID-19 cases in the not yet finished first wave or the increasing numbers of police brutality complaints in the land of the free…
Have a good long weekend!