See the latest Australian dollar analysis here:
#747Farewell to the last 747 Qantas flight today….sad times for aviation
by Chris Becker
Sentiment has shifted again to a risk off mood with stocks struggling here in Asia today, reflecting the fall in tech stocks overnight on the NASDAQ. The rout in USD has abated somewhat, although the Aussie dollar, gold and silver remain on a tear, while futures are looking soft going into the overnight trade in Europe and on Wall Street.
In mainland China, the Shanghai Composite was the odd one out, advancing slightly as it goes into the close, up 0.1% to 3324 points while in Hong Kong the Hang Seng Index is retreating, currently down nearly 0.6% to 25496 points. The daily chart still shows a nice bounce off support and back above the 25000 point barrier, but this is still looking wobbly:
Japanese stocks had similar falls as Yen remained strong, with the Nikkei 225 closing 0.6% lower to 22751 points while the USDJPY pair is still on the ropes here after the co-ordinated selloff in USD letting it sit on weekly support just below the 107 level:
The ASX200 was the standout in the region but for the wrong reason, taking back half of its previous gains to finish 1.3% lower at 6075 points, not helped by a burgeoning Australian dollar that continues to make new highs after breaking through the 71 handle overnight:
Eurostoxx futures are off by more than 0.6% while S&P futures are flat with the four hourly chart of the S&P500 showing the previous breakout stalling out above the 3230 point level with an inability to get passed ressitance at the 3270 level – watch the NASDAQ first however as momentum reverts: