See the latest Australian dollar analysis here:
Markets are quite mixed in Asia today despite the strong surge on Wall Street overnight and the positive Chinese data with only Chinese equities really putting any runs on the board. The USD is selling off in response, with currency markets accelerating against the “King” with gold surging to a new weekly high after it brushes aside staunch resistance at the $1950USD per ounce level:
In mainland China, the Shanghai Composite is up nearly 0.5% to 3292 points while in Hong Kong the Hang Seng Index is continuing its bounceback, up 0.2% to 24704 points. Japanese stock markets are in retreat on the back of a much stronger Yen with the Nikkei 225 losing over 0.4% to 23454 points as the USDJPY pair looks set to breakdown to a new weekly low below the mid 105s:
The ASX200 closed with a scratch session after being higher earlier in the session, losing a handful of points to be at 5894 points while the Australian dollar has broken out on the RBA minutes, launching to a two week high and well above the 73 handle against USD:
Eurostoxx futures are mixed while S&P futures are inching slowly higher with the S&P500 four hourly chart continuing to indicate a potential bottom at the 3300 point level as the bounce continues – but still watch 3420 as the key resistance level to beat:
The economic calendar gets a bit busier tonight with French inflation and the closely watched German ZEW Survey, with US industrial production figures from August later in the session.