See the latest Australian dollar analysis here:
Another mixed start to the trading week with Asian stock markets going all over the place in response to a mixed lead from Wall Street on Friday night, as the ructions from bond and currency markets outweigh stocks. Bitcoin gapped even higher on resumption of trade this morning – almost $57K – but has pulled back ever so slightly as the bubble continues to expand ever upward, having gained nearly 50% since the start of the month:
The Shanghai Composite is down over 1% going into the close, currently at 3657 points while the Hang Seng Index is holding on, taking only 0.3% off the board to be at 30551 points. Meanwhile Japanese markets are rebounding, with the Nikkei 225 finishing 0.6% higher at 30209 points as the USDJPY pair steadied and then bounced up past the mid 105 level after falling on Friday night:
The ASX200 continues to lose ground, falling almost 0.2% to 6780 points while the Australian dollar is still highly elevated following its Friday night surge, currently hovering just below the 79 handle as the commodity boom keeps a-booming:
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 break of the previous week’s low that could spell some decent trouble ahead – we’re way overdue for a correction!
The economic calendar includes the closely watched IFO business survey in German, plus a speech from the ECB President Lagarde.