See the latest Australian dollar analysis here:
by Chris Becker
The latest numberwang aka monthly employment report from the ABS has had little change on the Australian dollar which oscillated around its previous nightly close at the 71.70 providing only scalpers with opportunities around the release:
Local stocks however hated the print with the ASX200 dropping nearly 1% at lunchtime:
There’s been some big hits from the likes of AGL Energy and Origin, while Telstra is off more than 6% with a big slide in profit in its latest earnings report with no change in dividend. Lots of companies are not changing dividends, using the nice juicy endless river of Jobkeeper subsidies to keep the nice juicy mega-salaries of CEO mansions well paid.
Meanwhile in precious metals land, gold is resting comfortably, licking its wounds after the $100 plus selloff mid-week. It’s sitting just below key resistance at the $1950USD per ounce level without much volatility:
Looking at the lower timeframes however, silver is up to something, with an ascending triangle pattern forming here, watching resistance closely at the $26USD per ounce level:
The PBOC has fixed Yuan to be a little lower, from 6.9597 to 6.9429 with offshore trading currently settling at the mid 6.93’s as the USD continues to lose ground:
Later tonight we get German inflation and the latest US initial jobless claims number, but good or bad, the stocks must flow higher!