See the latest Australian dollar analysis here:
by Chris Becker
News of a potentially successful coronavirus vaccine is sending stocks higher across the region, with local stocks leading the way even as the Federal government slashes its economic stimulus package come September. Gold is soaring ahead as well to a new high while everything else except Yen is also rising against USD.
In mainland China, the Shanghai Composite has slipped after a big start to the week, finishing with a scratch session to 3316 points while in Hong Kong the Hang Seng Index is playing catchup, lifting nearly 1.8% to 25493 points. The daily chart shows a nice bounce off support and back above the 25000 point barrier:
Japanese stocks also returned to a positive mood, with the Nikkei 225 up 0.7% at 22884 points while the USDJPY pair is very slowly lifting back to its previous Friday position near the 107.20 level:
The ASX200 was the standout in the region, with a big surge that carried from the open to the close, finally finishing 2.6% higher to 6156 points while the Australian dollar was equally strong, lifting straight through the 70 handle and making a new weekly high:
Eurostoxx and S&P futures are up nearly 1% slightly going into tonight’s session as news of the Euro summit positive outcome and the vaccine will keep animal spirits going! The four hourly chart of the S&P500 gives a crystal clear breakout that has no risk attached whatsoever – everyone is going to go long and go hard from here until the next wobble: