See the latest Australian dollar analysis here:
Outside local markets its been a very poor start to the trading week with most Asian stock markets closing with solid losses, following what was a very upbeat night on Wall Street in response to the latest – and poor showing – US unemployment print. Bitcoin is still relatively steady at the $19400 level, while gold has held on to its recent gains, steady at the $1841USD per ounce level:
The Shanghai Composite is struggling, down 0.6% to 3422 points while in Hong Kong the Hang Seng Index is underwater by nearly 1.4% to 26486 points. Japanese stock markets have moved from going nowhere to selling off with the Nikkei 225 finishing nearly 0.8% lower to 26547 points while the USDJPY pair is struggling to stabilise after its minor comeback on Friday night, currently hovering right on the 104 handle:
The ASX200 was the odd one out, continuing ts advance well above the 6600 point level to close 0.6% higher at 6675 points while the Australian dollar has stalled out once again, still holding above the 74 handle but looking somewhat overstretched:
Eurostoxx and S&P futures are pulling back in response to the poor showing here in Asia although the four hourly chart of the S&P500 is only showing one way to go – up and up – twirling towards freedom:
The economic calendar starts the week very slowly with almost no releases of note as usual following the NFP print on Friday night.