Macro Afternoon

By in Australian Dollar, Australian Shares

| 123 comments

See the latest Australian dollar analysis here:

Australian dollar now a golden rocket

Outside China, risk sentiment is falling again with stock markets in retreat here in Asia with Eurostoxx and US futures looking to start poorly as well. The gold price remains static at just under the $1800USD per ounce level while other undollars are gaining with Euro and the Aussie dollar lifting while Yen becomes bid due to the risk off trade.

In mainland China, the Shanghai Composite has crossed the 3400 point level, up over 1.7% at one stage, while in occupied Hong Kong the Hang Seng Index has put on some minor gains, up 0.4% to 26085 points. The daily chart shows price remains supported after the start of week breakout:

Japanese stocks put in another poor session, with the Nikkei 225 falling 0.8% to 22438 points with the USDJPY pair unable to bounce off support to remain at the mid 107 level and still at its start of week opening point:

The ASX200 was the worst in the region, reacting poorly to the continued Victorian breakout, falling sharply in the afternoon session to close 1.5% lower at 5920 points. The Australian dollar was unable to make any gains post yesterday’s RBA meeting, almost breaking through the 69 handle as momentum fully inverts:

Eurostoxx futures are down about 0.8% while S&P futures are also rolling over, down 0.4% now and looking to get back to where it started the week, reverting back to previous resistance at 3130 points:

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Comments

  1. call me ArtieMEMBER

    Another great day’s work Chris. Holding the fort like a champ. Thanks, Artie

  2. Les

    “Government unveils plan to utilise superannuation to support housing affordability for first home buyers.”

    The new scheme will allow working Australians to elect to divert their compulsory employer super contributions directly to mortgage repayments on their home loans.

    Prime Minister Scott Morrison, flanked by the treasurer Josh Frydenburg and assistant treasurer Michael Sukkar, said at a press conference today, “the Liberal National government is committed to helping Australians afford and pay off their mortgage on their home. This is a plan that will bring hardworking Australian mums and dads closer to achieving the Aussie dream and will support first home buyers to get a leg up on the property ladder.”

    Nerida Conisbee, chief economist at REA group welcomed the policy stating, “this is responsible policy by the government to support housing affordability and provides some support in increasingly uncertain times for first home buyers and ordinary Australian households”.
    💩

          • DominicMEMBER

            They’ll never stop trying. Not on my watch!

            (Let some other crunt clean up the mess)

        • Jumping jack flash

          2.4 trillion debt dollars, 2.1 trillion super dollars.
          Government throws in 300 billion.

          Could possibly work.

          Providing everyone who has super has debt, and the super holds up. Which is unlikely, but desperate times and all of that.

          • DominicMEMBER

            The problem with Super is that its valuation is not a fixed quantity — if the ASX200 goes to 3000, the Super ‘value’ is not staying at $2.1 trn.

    • The Traveling Wilbur

      Assuming this isn’t lifted from the Beetrooter Advocate:
      – what housing crash?
      – inflation? not if all of everyone’s money goes on housing (which doesn’t count).
      – on behalf of Peachy (and myself) you were all told earlier.

      Please keep calm and carry on.

        • The BurbWatcherMEMBER

          Indeed…paying existing mortgages doesn’t keep many people employed – they need to stimulate new loan creation and construction to greatly benefit employment….will it work? And if so, for how long?

    • Ream

      Given this is pretty significant you would assume it is on the front page of the usual rags. Unless its not 😉
      Super funds would kick up a massive stink given their FUM would be drained again and lock in losses on illiquid assets.

    • TailorTrashMEMBER

      Nice pi$$ take Les ..or did this really happen today
      ..I’m out in the bush helping a farmer do some hard fcuking yakka that might (dog and weather permitting) produce something …and I have lost perspective on the real source of wealth in straya …..

      • DominicMEMBER

        You need to remember that it’s all about Sc#ntMo and Joshie. The peanuts who have to clean up their mess warrant barely a thought.

    • LSWCHPMEMBER

      “He said students who had recently done so might become “objects of hatred” in those states.”

      Might become? Make that “have become and are now…”.

      And a “graduate” in “patisserie” FFS? No doubt entitled to PR upon completion. These cunce are taking the piss. Kick ”em out.

    • DominicMEMBER

      To be fair, Sue Li (!) had this to say:
      “I really like Melbourne… but I think Australia has a terrible Government, which put restrictions into effect immediately again, and failed to provide a respite for international students,” she said.

      Terrible government – she hit the nail on the head there, even if for the wrong reasons.

  5. The Traveling Wilbur

    Vale Chumpy. An overlooked role model for today’s youth. May he RIP.

    • SnappedUpSavvyMEMBER

      Yeah wtf happened there, just stayed under too long ?

      Talented, good looking and a cool nickname all 3 things I could only dream of

      • The Traveling Wilbur

        At least one media outfit is reporting “medical incident” (while diving). The official reports should be waited for.

  6. NikoMEMBER

    and gold will break through $1800 tonight. By the morning it will be trading at $1830usd.

    • DominicMEMBER

      The Ruby Princess and Melbourne quarantine scandal has clearly not been enough to wake everybody up.

      FYI, I heard on the ABC earlier that since the official international travel ban 200,000 people have arrived in this country from abroad. Staggering numbers. No wonder the shyte’s hit the fan.

    • The Bunyip

      “I really like Melbourne… but I think Australia has a terrible Government, which put restrictions into effect immediately again, and failed to provide a respite for international students,” she said.
      I’m confused, was that the Betoota article?

    • Shades of Messina

      What screening were they actually going to do at Sydney Airport ?.

      Pointless temperature tests ?.

    • Segregate Victoria

      The Liberals are gung ho about all opening up the state borders and when they do it will be only a matter of time before its spreads around the country.

      The really think they’re smarter than China, Taiwan, Thailand, Vietnam in that they can successfully suppress the virus and go about life as normal rather than eliminate it.

      Europeans and the US thought they’d be able to suppress the curve and look at how that worked out for them. Economies in ruins, needless deaths.

  9. [email protected]

    Got the homebrew all set up again. Cheated and cranked out an easy cider batch first that I bottled today – came out a 6% with just straight apple juice and no adjuncts, man that safcider yeast is a beast. Will get a coopers kit and kilo down tomorrow, stoked to be brewing again

    Garden update – growing bush type green beans for the first time, have always done climbing beans before. Got several healthy seedlings sprouted despite the cold SE Qld nights so very happy with that.

    Haroldus – was it you that put up that link for the “Get ypur hands off my pinot”? Got my 6 bottles the last week and it’s very quaffable wine, very happy considering the joke aspect of the purchase.

      • [email protected]

        I overseeded about 6 weeks ago, got fairly decent growth in patches and have to mow at least once a week. But all the old “good” areas have gone bad again so I’ll be ripping them up and patch seeding.

        • haroldusMEMBER

          Thanks, I have given up on my garden being productive with vegetables (doesn’t get even an hour of sun a day consistently in any part, the sun moves across). So I’m going with shade ornamentals. My Cliveas, broms and gradenias are going great, still haven’t got the native violets in. I’ll just put more ornamentals in the beds I was trying for veges.

          I’ve got a small patch of shady lawn area that seemed to grow OK but is looking a bit rough. It’s only about 30m2, so I am thinking of buying some turf. These guys reckon Sir Walter is shade tolerant (https://www.sydneylawnandturf.com.au/turf-finder/) and for 12 bucks a metre seems OK.

          I am thinking about clearing the weeds with roundup and then hand digging the topsoil, insanely.

          • [email protected]

            If you can be bothered with the effort, seeding is a great way to go (especially if you’ve already gone to the effort of doing the top soil by hand). I used to recommend Sir Walter to everyone but I’ve gone off it, just personal opinion changed on grass type I like, all about super fine blades now.

            I got my seeds from Mckays and they have a bunch of info on what grows good in what areas of the country and what conditions. The blend I picked was specifically because I was winter seeding and the yard is half shade half sun so it works in both.

            https://www.mckaysgrassseeds.com.au

            Having just suggested them I’m actually using $12 Coles grass seed for the patching lol. Of the blend I used from Mckays the rye grass has set in best and the coles stuff is chock full of rye so giving it a go. Mckays does come as guaranteed species, coles mix could be any old grass, time will tell.

    • SnappedUpSavvyMEMBER

      Cold SE qld nights ?? 😁
      I think you’ll be fine, we have had peas, sugar snaps, green beans, broadbeans and snow peas growing

      • The FNG.MEMBER

        Today the temp ranged from -1c at 6am to about 9c at 3pm. Its 6c outside now.
        I dont have to put beer in the fridge. I just leave slabs in the spare room where its not too different to a refrigerator.

    • Narapoia451MEMBER

      Have a little creatures bright ale clone in the fermenter now, primary fermentation is done, just waiting to bottle next weekend. Then waiting to bottle condition. The hardest part about homebrewing is all the waiting…

  11. Mining BoganMEMBER

    Why do people spend a million dollars on a house and then recoil in horror at the thought of staying inside it?

    • hAndrew

      Doesn’t that article just report 5% got it at some point so far? It doesn’t seem to say anything about what % of people who got it were then immune.

  13. bendy wire

    NSW is next…. Sydney will be a cluster fk by end July…. people just cannot be trusted to put the nation’s interests ahead of their own daily schedule