A flat finish to the week for risk markets here in Asia in response to the continues risk-on damn-the-COVID-torpedoes and election shenanigans in the US overnight, despite even more cases as a big second wave of COVID-19 in Europe breaks out. The USD is losing ground against most of the majors with gold putting on a nice spike above the $1900USD per ounce level, after holding on to short term support just below $1890:
The Hang Seng Index is dead flat going into the close, up 0.1% to 24216 points while Japanese stock markets are in a slight retreat due to Yen buying with the Nikkei 225 looking to close about 0.4% lower around 23562 points. The stall in the USDJPY pair has turned into a selloff below the 106 handle as it looks set to return to the previous session highs (black horizontal line) at the 105.80 level:
The ASX200 is the only bourse having a solid session, gaining a further 0.3% to be at 6121 points, extending its gains above the 6000 point barrier. The Australian dollar is pushing on and wants to get back to the previous two week high just below the 72 handle, but is running out of puff:
Eurostoxx and S&P futures are up only slightly with the S&P500 four hourly chart looking to extend further above the 3400 point level but I still note that bearish looking rising wedge pattern on the four hourly chart – what crap will Trump pull tonight out of the Twitter basketcase?
The economic calendar finishes the week with a whimper with a fairly clean calendar, some tertiary European releases that might interest. All eyes will continue on the clusterfridge that is the US elections. November can’t come soon enough….
Stay safe and have a good weekend!