See the latest Australian dollar analysis here:
The rebound from overnight was only followed through on local markets with the rest of the Asian risk complex still lacking the confidence to ride the BTFD wave. The USD continues to firm against everything, espeically precious metals with silver cracking below $24USD per ounce to a two month low while gold has fallen below the key $1900USD per ounce level as it fails to regain above previous support:
In mainland China, the Shanghai Composite was rebounding into the close but is finishing flat, currently at 3281 points while in Hong Kong the Hang Seng Index is off by only 0.1% to 23962 points. Japanese stock markets reopened without any confidence, the Nikkei 225 closing a few points lower at 23346 despite a continued lift in the USDJPY pair as it heads up through the 105 handle in a nice rebound:
The ASX200 was the best in the region by surging more than 2.5% on the back of ScoMo’s NBN Part Deux plan, closing at 5923 points, while the Australian dollar remains hovering just above the 71 handle and looking very weak going into tonight’s session:
Eurostoxx futures are more positive, up 0.6% or so while S&P futures are nominally up, but only by 0.2% with the S&P500 four hourly chart still looking like a classical dead cat bounce here as the 3300 point psychological level remains the key area to watch:
The economic calendar ramps up tonight with German consumer confidence, a swathe of flash PMI prints across Europe and then the US, plus a few hearings on Fed officials.