Risk is back on the table with Asian stock markets up across the board as the USD reverses its short term strengthening as we start another trading week and look towards the FOMC meeting. All eyes on Bitcoin which broke down on Friday below the $30K level but has come back in weekend and start of week trade, now back above the $33K level but still below trailing ATR resistance at the $34K level which could prove too high:
The Shanghai Composite has lifted above the 3600 point level again, lifting nearly 0.5% going into the close, while in Hong Kong the Hang Seng Index has surged significantly, lifting more than 2% to reverse the Friday slump and then some, closing well above the 30000 point level. Japanese markets are also lifting higher, but at more modest levels with the Nikkei 225 finishing 0.4% higher to 28739 points while the USDJPY pair has slumped in the afternoon session as the USD goes weak, falling back to the 103.70 level:
The ASX200 was able to hold on above the 6800 point level, lifting nearly 0.4% to finish at 6824 points while the Australian dollar had a strong surge bouncing off the 77 handle and almost getting back to its pre-Friday pullback:
Eurostoxx and S&P futures are lifting sharply going into the start of the trading week, with the four hourly chart of the S&P500 showing a surge back to last week’s intraweek high at the 3850 point level to get back on track:
The economic calendar starts the week with the German IFO survey, then a few ECB speeches overnight.