Asian share markets are pulling back late in the session with Chinese mainland shares stabilising somewhat after a dreadful start to the trading week and despite the continued bounce on Wall Street overnight. The USD has again found strength against the undollars after a small reversal last night with Bitcoin still above the previous $52K resistance level but is swinging around wildly this afternoon going into the European open:
The Shanghai Composite is up a few points going into the close, after having been up nearly 1% from the open, now at 3374 points while the Hang Seng Index is pulling back, currently down 0.2% to 28735 points. Japanese markets are also putting in scratch sessions with the Nikkei 225 closing 0.1% higher at 29055 points as it tries to get back on its uptrend while the very supportive USDJPY pair has reversed its very short term pullback as it tries to get back above the 109 handle:
The ASX200 is suffering from a lack of confidence via RBA Governor Lowe, finishing 0.8% lower at 6714 points while the Australian dollar remains depressed below the 77 handle, likely to fall further going into the European session:
Eurostoxx and S&P futures are flat lining here given the poor lead from Asian shares as the four hourly chart of the S&P500 shows price wanting to keep above the upper end of the downtrend channel but not yet out of the woods:
The economic calendar includes the latest US inflation print which will definitely shake up the currency markets while there’s private crude oil inventory reports and a brace of Treasury auctions to keep commodity and bond traders happy.