Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Kayaking in the Cook Islands, 2019: Photo by H. Becker

A dour day for risk for Asian stocks, with a sea of red across the region as traders react to the latest COVID economic restrictions.  Bitcoin has held above its weekend breakout $19000 level, while gold has found a modicum of buying support and lifted off the floor to be at the $1836USD per ounce level in a possible swing breakout higher:

The Shanghai Composite is down about 0.3% going into the close at 3356 points while in Hong Kong the Hang Seng Index has followed suit, down nearly 1% at the 26147 point level. Japanese stock markets are also pulling back with the Nikkei 225 closing 0.3% lower at 26635 points while the USDJPY pair is slowly pushing back above both former trailing ATR resistance and the 104 handle after its big roundtrip overnight:

The ASX200 has taken back its solid start to the week, down 0.4% to 6631 points and still unable to make a move above the 6700 point level, although the latest RBA minutes didn’t help the Australian dollar either, which has sold off after its mild pause overnight, now threatening the 75 handle:

Eurostoxx and S&P futures are retreating with the latter ready to break below last week’s low as seen on the four hourly chart of the S&P500 as markets price in more risk of no stimulus package from the US Congress (which is the opposite of Progress…) before Christmas:

The economic calendar is again fairly quiet with US industrial production figures for November and some short term T-bill auctions.

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    • Jumping jack flash

      Good, good.

      All eyes on the debt growth. Will it grow fast enough to usher in a new golden age of debt?

  1. happy valleyMEMBER

    ” … although the latest RBA minutes didn’t help the Australian dollar either …”

    What Captain Phil and the other “Angels of Death for Savers” RBA happy clappies said they weren’t quite ready to go to a -5% pa cash rate to stem the rise of the A$ and to send their PA IP specufestor portfolio prices to Mars?

  2. Today my workmates told now is the the time to buy a house in Darwin. Boom times ahead. INPEX squared. The NT News says so. The fever is back. The masses know that property always goes up (except for when it falls 31% from peak over 6 years).

  3. No chat about Biden being signed off for the gig? I’ll start. Trump, and all of those who feverishly followed him and any piece of nonsense that came forth from the cult aspect of his presidency, wasted 4 years of their lives and the mental bandwidth of themselves and all who had to deal with their gibberish.

    • Jumping jack flash

      Lets hope the vaccine works so he doesn’t need to handle the virus crisis badly.

      After that hes just got climate change to solve and then he can locate and unfurl Bush’s “Mission Accomplished” banner. I think they still have it somewhere.

    • Yeah, they’re conspicuous in their silence arent they?
      2020 has been, if nothing else, a chance to see behind the masks of a lot of people. And it’s worse than even Dorian Gray’s festering, rancid self portrait rotting unseen upstairs in the attic.

    • RobotSenseiMEMBER

      There’s 126 nematodes in Republican bodies who tethered themselves to Texas’ hilarious lawsuit that was bounced out of the SCOTUS in straight sets.
      The Dems should owe those fake usurpers no quarter from hereon out.

    • Mining BoganMEMBER

      Yes, righto then.

      “He said he was motivated by the ease of gaining permanent residency in Canada compared to in Australia.”

      Anyhow, how old are these “students”? Every tale of woe seems to have some victim in the age group 25-35. How does foreign students age compare to local kiddies having their future destroyed by going to Uni.

      • 28yo and studying business…we are attracting the best and brightest aren’t we? /s These people are unemployable and will be a drain on welfare once they get permanent residence. The more hard working of them will join uberEats.

      • They are going to take their “talent and skills” elsewhere ….

        Talented at what: riding on footpath, avoiding tax, harrassing local women

        Next they will be threatening that we will miss out on all the Indian Grannies as well

  4. “Draghi, Rajan Lead Call to Arms to Avert Global Solvency Crisis”

    Where’s that cool femem chick that rained on Draghis presser?

    Draghi, Rajan Lead Call to Arms to Avert Global Solvency Crisis

  5. ErmingtonPlumbingMEMBER

    Is anyone watching the Drum?
    Who the hell is that Guy on the panel!
    Calling for for Australia do more to patch relations with China and basically saying we only have ourselves to blame.
    The same guy was saying that in a democracy we need arbiters of truth and that the media is failing to present the truth and thus academics should be appointed the ultimate arbiters of truth.!

    FK that anti democratic technocrat/CCP plant.

    • Now, that’s Xina leading by example; showing our chosen leader how you get things done in agriculture without back-packers from overseas….