A mixed start to the trading week here in Asia, following an equally mixed finish on Wall Street on Friday night with most stock markets putting in very minor gains or scratch sessions, although mainland Chinese markets continued their selloff. The USD is coming back against the majors while Bitcoin jumped to a new record high above the $60K level, surpassing the last two weeks’ highs and looking very overbought again:
The Shanghai Composite is down over 1% going into the close, currently at 3418 points while the Hang Seng Index is basically unchanged, down 0.1% to 28734 points. Japanese markets are also stuck going nowhere with the Nikkei 225 closing a handful of points higher at 29737 points while the very supportive USDJPY pair continues its own bounceback to climb back above the 109 handle to make a new weekly high:
The ASX200 is also largely unchanged, finishing 0.1% higher at 6773 points while the Australian dollar is struggling to gain momentum starting the trading week as it slips below the Friday session lows and heads towards the 77 handle again:
Eurostoxx and S&P futures are equally flat with the four hourly chart of the S&P500 showing price hitting the previous record highs and wanting to burst higher and hit that magical 4000 point level but momentum remains stalled:
The economic calendar will revolve around the latest FOMC meeting this week, starting tonight with a series of Treasury auctions to closely watch.