See the latest Australian dollar analysis here:
Risk markets are stumbling on the open to the trading week here in Asia with most stock markets in retreat with gold flopping below the $1900USD per ounce level after its midweek rally previously fails to find any momentum with the medium term uptrend now under threat:
The Shanghai Composite is losing fast, down another 1% going into the close at 3242 points while in Hong Kong a holiday has the Hang Seng Index closed. Japanese stock markets are hesitating here, with the Nikkei 225 closing some 0.1% lower at 23489 points as the USDJPY pair had a mid morning surge to come back to just below the 105 level:
The ASX200 is barely holding on, down 0.2% to 6155 points, while the Australian dollar has retraced slightly from its Friday night high, just above the 71.10 level going into the London open with momentum ready to invert on the four hourly chart:
Eurostoxx and S&P futures are slipping sharply on the back of the reversal in risk sentiment with the S&P500 four hourly chart well down on the Friday night gains, now heading towards the two weekly low at the 3420 point level:
The economic calendar has the German IFO survey and some more new home sales data out of the US tonight.