Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

by Chris Becker

Outside Australia, Asian stock markets are in retreat mode after being mixed yesterday as confidence fades going into tomorrow night’s NFP print, with all risk going into undollars like Yuan, Bitcoin and Yen and of course precious metals. Gold is having another stab at the $2050USD per ounce level with silver again re-engaging its own little bubble, currently zooming well past the $27USD per ounce level:

In mainland China, the Shanghai Composite is slipping after a series of scratch sessions, down 0.5% to 3359 points, while in Hong Kong the Hang Seng Index has reversed its recent advance to be down over 1.4% to 24752 points. Japanese stocks are also moving lower, with the Nikkei 225 falling 0.4% to 22418 points as Yen buying sees the USDJPY pair fall below its Monday morning starting price at the mid 105 level as the nascent bounceback stalls:

The ASX200 however was the odd one out, surging some 0.6% to finish well above the 6000 point level at 6042 points. This is despite a stronger Australian dollar which clawed back half of its late night pullback to be just above the 72 handle going into the City open and nearly at its previous weekly high:

Eurostoxx and S&P futures are both flat in the wake of the BOE meeting and waiting for Congress to move forward with any further fiscal stimulus, with the S&P500 likely to open slightly lower tonight:

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Comments

  1. Robert Johnson

    Florida is managing this better than we are: https://patch.com/florida/miami/people-virus-antibodies-may-soon-visit-florida-nursing-homes

    If we had reliable antibody testing we could let those people work in hospitals and old care centres. Many of the excess deaths in those places right now are basically due to understaffing.

    Eventually, otherwise, we will get into the ridiculous situation of people who have previously tested positive and recovered from COVID being asked later again to isolate since they might have come into contact with a COVID person…

    • New Zealand, Tasmania, South Australia, QLD, NT and 50+ other countries are all visiting old peoples homes – because they eradicated Covid. Victoria will in 6 weeks too.

      So you can visit the old people – without killing the 200k people the United States has – seems like a much better idea.

  2. reusachtigeMEMBER

    Man you post great propaganda cartoons and memes. Well done in your support of the establishment.

    Meanwhile, when are people going to wake the fck up and fight back against “papers please”?
    https://www.news.com.au/world/coronavirus/australia/victoria-police-hand-out-176-fines-for-breaching-coronavirus-directions/news-story/dd97030f26d564c055d956bebf482cc5

    Oh, soon, thankfully. So some people are going to stand up! Love the typical hate propaganda angle though…
    https://www.news.com.au/world/coronavirus/australia/coronavirus-victoria-melbourne-covid19-live-updates/live-coverage/96ddfb9741be030c652d4f7df6749cef

  3. Robert Johnson – Florida doing great? Slightly lower population than all of Australia and nearly as many dying each DAY than have total died so far here in Australia?
    Maybe…maybe not.

    • Off to the salt mines for you negative Sally … its all like Trump and his dads self help – positivity – guru … you know that’s how people throw money at you … your all going to be rich … follow me … rim shot …

    • Your cartoon spot on Chris. And Trump positive thinking is fake it until you make it. Fine if you are in it to con people out of their money but COVID is bullshit resistant. So the con now is to normalise loss of lives like yours so the conman makes money from a safe distance. Reprehensible.

  4. Ukraine fnMEMBER

    Congress to approve more stimulus with a good NFP print and then watch the stock market go like a rocket.

    • Mining BoganMEMBER

      Is this bizarro world stuff going to extend to public health as well? You know, instead of being told you’ve got the Jimmy Dancer and have six months to live now you will be told you’ve got the Jimmy Dancer and can expect to live to 120 with the body of a twenty year old.

      • darklydrawlMEMBER

        Hah, I had this weird image in my head of a lonely dude 100 y.o. old dude sitting next to some poor bugger floating who died at 20 floating in a big glass vat of formaldehyde in the living room. This lockdown is starting to get to me! 😀

      • Weird how they can continue to print money to bail out industries that engaged in reckless share buy backs etc.. but not for the unwashed so they could shelter in place or towards resources to help fight the spread of the pandemic etc..

  5. Mining BoganMEMBER

    Australia Post, can you explain to me why it took you two weeks to carry a parcel across Hellbourne yet only four days to have a parcel delivered from Birmingham, England by DHL?

    Appalling.

      • Mining BoganMEMBER

        Well they should have outsourced it to DHL. Four days from order to delivery from Birmingham. Outstanding!

        Death staring parental visa recipients can’t get here that quick!!

    • Under funding – ???? – too make the transition to full private and then a monopoly which will then jack up rates to extract rents – ????

      • From a mate who didn’t send the link (but has backed his truck up) – Robinhooders now have Gold & Silver stocks at 15 & 16th most popular….. Analysts predicting it won’t be long before they reach #5…..Fundies, insto’s & pension funds are recalibrating & buying PM’s……

        Maybe no pullbacks for now…..?

        • That’s partly what I figure. I decided if the gov is possibly going to take away my js then I need to make sure I make a bit more dough off the PM bull market so I sent some more money over to Perth this week. Of course I missed out on silver at $34, but I did some ruminating on all the market commentary I’ve been devouring over the last few months, looked at the charts and there hasn’t been a decent pull back in months so I gritted my teeth and bought silver today (thank god I bought some when the ratio was 125). If it pulls back right away, well I’ll probably be in the red for a month or two at most, and given that I first got into PMs in 2012, I know I can cope with that. If I want a house in my situation it is quite possible I’m going to have to buy it outright, so that means I need to have a decent return on some investments in the next two years, which means I’m having to decrease my cash a bit and go more heavily into PMs than I had wanted, but it seems like it is a clear bull market and in a way I don’t have a lot of choice. I’m hoping many other people all over the world in the next 2 years feel the same and because I got in before they did (for once in my life) I might actually ‘get ahead’! (I hate that phrase)

          • desmodromicMEMBER

            Poppy, same dilemma for me today and same thought processes, except I sqibbed it and didn’t buy. Now $39.36 and up 6%.

          • @des omg I feel for you!!! That’s gotta hurt. I have to admit I’m not enjoying this bull market as much as I thought I would. I’ve definitely made some mistakes but i got into pms just before the secular bear market started and it was part of my process of taking control of my investments so that’s to be expected. I did not buy metal after the initial purchase in 2012 until the middle of last year but at least my metal purchases are now I’m the green, can’t say the same for all the miners but I’m getting better at this, slowly. However because I think theaud will be strong for a while I’m going to buy some qau tomorrow. While I hate etfs i think getting some pure usd goldprice gains would be good atm.

    • yeborskyMEMBER

      “Half a dozen to take-away please, Miss.”

      On a car enthusiast site I used to visit, someone posted a pic of a very hot bird behind the wheel of a very hot car, the rego plates being “4BJS”.

    • Protester is obviously an irate member of staff lamenting her inability to fellate for funds

  6. Aussies Not Doing The Right Thing

    Silver popping again.

    Just need another stimulus package from Trump to make equities spike.

    Money for jam (famous last words LOL)

  7. migtronixMEMBER

    Plandemic: Noun
    When a pandemic hits a modern society with disintegrated information channels and the government hamfists their way through your orifice… Errr office

  8. Nice meme.

    They live. John Carpenter. Rowdy Roddy Piper’s big screen debut. Movie was way ahead of its time. Should be remade.

    OBEY.

    • Yeah I watched it about a year ago for the first time. Not sure why it’s not more culturally relevant, especially today.

      Duke Nukem ripped off the kick ass and chew bubblegum line.

  9. TailorTrashMEMBER

    So finally I go from ADSL to the great you beaut
    Strayan you beauty 50 billion NBN …and I can’t see any difference ….if any thing it’s slower …..and my air printer doesn’t work any more ….not sure if I’ll have to buy a new one to talk to the NBN modem …jeez we know how to be leading edge in the clever country ..don’t we ?

  10. Tiny tims are flowering now in the urbipod. Hopefully not too long before i get something.

  11. If Jesus stood on a river, would he stand still or move down the river like on a conveyor belt ?

  12. Banana ManMEMBER

    I’ll tell you what. If I was isral and had a relly good intelligence team that warned me of an imminent lezbollah attack. Id hit thier munitions and blow their port to kingdom come as well. I like the projection of the lebanon flag in the town square too. Its not like the lebs can say, hey, thats not fair; they have to say whoops, can’t believe someone left that there. Ammoniam Nitrate burns grey not orange. Thats rpg fuel my friends. (They were munitions not fireworks too).

    https://www.timesofisrael.com/hezbollah-anti-spy-commander-killed-in-south-lebanon/

    https://www.thenational.ae/world/mena/rafik-hariri-trial-verdict-on-four-hezbollah-members-due-this-week-1.1058087
    Just my guess. Impressive none the less.