See the latest Australian dollar analysis here:
Asian stock markets have all broadly sold off in response to the poor lead from Wall Street throughout the short trading week, as strong US economic data continues to push risk sentiment lower. The latest retail sales figures locally didn’t cause much movement in the Australian dollar which has been resilient to USD strength and weakness this week. Bitcoin remains well above the magical $50K level, having pushed through the $52K level it has slipped slightly to be just above $51K as momentum falters:
The Shanghai Composite took back half of its previous gains, down 0.3% to 3663 points while the Hang Seng Index fell again, taking some heat out of its own market to pull back nearly 0.9%, currently at 30355 points. Meanwhile Japanese markets also continue to selloff, with the Nikkei 225 finishing 1% lower at 29914 points as the USDJPY pair steadies just above the mid 105 level after falling overnight:
The ASX200 was the biggest loser, down over 1.2% to 6800 points exactly while the Australian dollar remains in a very tight trading range, currently just above the 77’s as it continues to track sideways:
Eurostoxx and S&P futures are broadly tracking lower this afternoon before the European opening session, with the four hourly chart of the S&P500 showing a potential break of last week’s low that could spell some decent trouble ahead – we’re overdue for a correction!
The economic calendar finishes the week with a slew of flash manufacturing PMIs on both sides of the Atlantic.
Have a good weekend and stay safe!