Another solid day for Asian stock markets as the risk swing higher continues, although Chinese shares are stalling. The USD remains firm against most of the major currencies with gold and silver still depressed following a failed breakout earlier in the week. Bitcoin is zooming higher, now at the $36K level as momentum picks up on the four hourly and daily charts:
The Shanghai Composite is flat going into the close, still just over 3530 points, while in Hong Kong the Hang Seng Index has put in a minor retreat, falling about 0.3% to close at 29175 points. Japanese markets are still rebounding with the Nikkei 225 again finishing around the 1% higher mark, closing at 28628 points with the USDJPY pair pulling back as it hits resistance at the 105 handle as this swing higher loses some momentum:
The ASX200 had yet another solid session, moving 1% higher to 6824 points as animal spirits dominated and interest rates remain super low. The Australian dollar is just above the 76 handle after seemingly bottoming out overnight but this nascent swing is losing momentum before it even starts:
Eurostoxx and S&P futures are slowing their rebound with the four hourly chart of the S&P500 a bit stalled here at last week’s prebreakdown low around the 3800 point level:
The economic calendar includes EZ wide core inflation and some preliminary US services PMI prints.