See the latest Australian dollar analysis here:
Stocks are really struggling going into the end of week trading here in Asia after the mid week surge fades quickly as pessimism sneaks in. Bitcoin is not yet going down, but is struggling as well without any new highs, while gold is holding on just above the $1885USD per ounce level:
The Shanghai Composite is down nearly 0.5% going into the close at 3388 points while in Hong Kong the Hang Seng Index is selling off even faster, down 0.7% to be at the 26492 point level. Japanese stock markets are in stall mode with the Nikkei 225 closing only 0.1% lower at 26769 points while the USDJPY pair has surged higher after its breakdown below former weekly support has found a new bottom and swung back up to the 103.50:
The ASX200 was the worst in the region, closing more than 1.2% lower to 6675 points, smacking right through the 6700 point level for a poor finish to the week. The Australian dollar was pushed a little lower as well, heading back below the 76 handle as some momentum deflates out of the the Pacific Peso juggernaught:
Eurostoxx and S&P futures are in retracement mode too, with the four hourly chart of the S&P500 shows it not yet unable to clear the 3700 resistance level decisively – are we setting up for a big fail here if the stimulus package doesn’t pass the Orange Man’s desk?
The economic calendar finishes the week with the closely watched German IFO survey then a few ECB and Fed speeches to keep an eye out for.
Have a good weekend!