Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

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

It’s risk on everywhere here in Asia as the bids go wild as optimism for a stimulus package from the US Congress firms yet again. Bitcoin is going a bit nuts, heading straight through the $22000 point level to another historic high, while gold is trying to play catchup, now back above the $1860USD per ounce level as wants to get back to the previous December high:

The Shanghai Composite is up nearly 0.9% going into the close at 3650 points while in Hong Kong the Hang Seng Index has been more modest, rising 0.3% to finish at the 26546 point level. Japanese stock markets are also having modest rises, as the stronger Yen continues to weigh with the Nikkei 225 also closing 0.3% higher at 26831 points while the USDJPY pair continues its breakdown below former weekly support at the 103.70 level, heading straight towards the 103 handle:

The ASX200 is again the best in the region, closing more than 1% higher to 6756 points, bursting straight through the 6700 point level , with the Australian dollar also putting in a new high, ready to break above the 76 handle as nothing can stop the Pacific Peso juggernaught:

Eurostoxx and S&P futures are zooming higher again as the four hourly chart of the S&P500 shows it ready to go further than the 3700 resistance level and match or exceed the early December historic highs, catching up to other bourses and risk markets going ga-ga into Christmas:

The economic calendar is EZ wide core inflation figures plus weekly initial jobless claims and housing start numbers from the US.

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Comments

  1. This market madness forced me to pull out just over $200k of positions and bought some BBUS again. Now watch gold fly and gold miners to Jupiter. Still hold decent positions but closed fair bit.
    Chris – is there an email I can send you a screenshot for you to consider posting in the comments? Really funny and it did influence my decision to sell some shares and buy BBUS.

  2. NEW ZEALAND’S HOUSING DISGRACE JUST CANNOT GO ON …

    TOP to Government: Declare housing emergency now … Mikaela Wilkes … Stuff NZ

    https://www.stuff.co.nz/life-style/homed/housing-affordability/123744776/top-to-government-declare-housing-emergency-now

    The Opportunities Party (TOP) has launched a petition calling on the Government to declare a housing emergency, and accusing the Labour Party of “political weakness” over the issue.

    TOP leader and solicitor Shai Navot wants a cross-party housing co-operation agreement to tackle the nation’s worsening housing crisis. … read more via hyperlink above …
    .
    .
    … following New Zealand’s leading Bank ANZ Economics team responsible call to restore housing affordability …

    ANZ says homeowners may need to stomach price drop as Treasury expects prices to soar … Jenna Lynch … Newshub

    https://www.newshub.co.nz/home/politics/2020/12/anz-says-homeowners-may-need-to-stomach-price-drop-as-treasury-expects-prices-to-soar.html
    .
    .
    Access full post …

    https://www.macrobusiness.com.au/2020/12/links-17-december-2020/#comment-4047915

  3. Well, was wrong on bitcoin. Expected it to drop 30% to around 14500 to pick up a load but took right off.
    Would be silly to jump on now. Just have to sit and wait i guess

    • I was expecting the same, but it didn’t even break 18000. I remember thinking something similar back in 2017…of course it eventually did come back, but months later.

    • FUDINTHENUDMEMBER

      I’m pretty sure bitcoin charts exactly like Australian property. You just need to buy at any price, maximise your leverage, and you’ll be set for life!

    • Mining BoganMEMBER

      I wish they’d all stop comparing Green with Keith Miller. They were doing it on the wireless today before he was even presented with his baggy green cap.

    • Gotta give Lyon credit, he looked quite threatening with some nice bounce, plus a couple turned in nicely.

      • He’s about the only finger spinner who has done consistently well on Australian wickets for about 40 years.

      • There’s a “stay at home, please” request for people in the Northern Beaches Council which includes where we expect to spend Xmas Day!

      • Scotty will be livid. It was only a couple of days a go he was saying there was no need to close the boarders, they must stay open. Tomorrow he’ll say it’s a state matter and no one will question him.

      • Sorry in-laws. It’s for your own good. We’ll have a big celebration for Christmas next year!

    • innocent bystanderMEMBER

      don’t think they did?
      just said you must get a covid test in the first 24 hours and wait for the result in self quarantine. if negative you are free to party.
      they tested the first plane load as they got off the plane.

  4. reusachtigeMEMBER

    Hey I told em this mornn to Lock. Us. Down. now! but they ignored me and now it’s going super extreme major crazy with 17 cases already. Now is definitely the time to panic this time!

  5. Arthur Schopenhauer

    Speaking of lockdown:

    While Sweden’s death numbers compare favorably to the U.S., they stand in stark negative contrast to our Scandinavian neighbors who introduced lockdown measures: Per capita, we have nearly five times as many deaths as Denmark, nine times as many as Finland, and more than ten times as many as Norway. In total, as of this writing, 7,514 Swedes have lost their lives to Covid-19, which works out to a death rate of 742 per 1 million citizens. The equivalent numbers for the other Scandinavian countries are 164 per million (Denmark), 83 per million (Finland) and 72 per million (Norway). There is, in other words, no doubt that Sweden’s approach has led to excessive deaths.

    https://thedispatch.com/p/covid-19-and-the-failure-of-swedish

  6. F#ck you too
    Call the Popcod
    And every
    Muggafuggin
    Loud ass barking dog

    Slim hate me
    Still sharpen than 10
    Of your generations
    Maybe