See the latest Australian dollar analysis here:
Asian share markets are very unsettled going into the final trading session of the week, with the Biden stimulus plan not landing on the right note for risk takers as higher taxes are definitely on the agenda. Gold and silver remain somewhat depressed but are not pulling back to any new session lows, while Bitcoin is flat lining in Asian trade, unable to breach the $40,000 level which could setup a dangerous situation going into the chaotic weekend trade:
The Shanghai Composite is falling sharply just after the lunch break, down over 0.5% after floating along nicely at the open, now at 3546 points and back to where it started the week. Meanwhile in Hong Kong the Hang Seng Index is having a scratch day while Japanese markets are taking some heat out of recent gains with the Nikkei 225 down around 0.5% to 28565 points going into the close as the USDJPY pair is unable to get back above the 104 level after the US jobless claims whack from overnight:
The ASX200 is the only bourse in the green, up 0.3% going into the close at 6731 points, remaining above the 6700 point level in what should be a good overall signal for investors. Meanwhile the Australian dollar has pulled back most of its overnight gains as it still wrestles with a stronger USD at just above the mid 77’s going into the London open:
Eurostoxx and S&P futures are falling sharply this afternoon in line with other risk markets with the four hourly chart of the S&P500 now threatening former firm support that has held all week at the 3780 point level as it fails to properly breakout above the 3800 point level:
The economic calendar finishes out the week with US retails sales and the latest Michigan consumer sentiment print.
Have a good weekend and stay safe!