See the latest Australian dollar analysis here:
Asian share markets were largely down across the region, although Australian stocks have rallied against expectations, with this sentiment shift also changing as European bourses open. This maybe due to a lack of any type of lead from a closed Wall Street tonight because of the Labor Day long weekend. Bitcoin continues to trip and fall, down below $10000 briefly while gold continues to decelerate into weekly support just above the $1930USD per ounce level:
In mainland China, the Shanghai Composite is down nearly 2% to close at 3292 points while in Hong Kong the Hang Seng Index is off 0.5% to be at 24482 points. Japanese stock markets are doing about the same with the Nikkei 225 finishing 0.5% lower at 23089 points as the USDJPY pair lifts slightly without much momentum above the 106 handle:
The ASX200 was the standout, gaining nearly 0.3% in a vain attempt to plug Friday’s big loss, starting the week at 5944 points while the Australian dollar went nowhere, hovering just below the 73 handle:
Eurostoxx futures are indicating a small gain on the open while with Wall Street closed it seems it all hinges on mood changing significantly soon as the S&P500 four hourly chart indicates a lack of buying support here as we all wait for the BTFD crowd to move in:
Given the Labor Day weekend holiday, the economic calendar is pretty empty tonight with German industrial production for July the only release of note.