It’s a sea of red across Asian share markets as risk correlations dive deep into the negative zone started by the tech selloff on Wall Street and continuing as concerns over the rapid spread of COVID mount. The USD is weakening against Yen again, but also Chinese Yuan as Euro and Pound Sterling remain relatively stable. Bitcoin is trying valiantly to get out of its corrective dip with a tiny $2K slide today that didn’t result in a new daily low, but it really needs to punch through the $57K resistance level very soon:
The Shanghai Composite is the only bourse moving higher, currently up 0.2% at 3476 points while the Hang Seng Index is off a very solid 1.8% as it plays catchup to the wider risk off mood, closing at 28623 points. Japanese markets have suffered another blow with the Nikkei 225 falling another 2% to close at 28505 points while the USDJPY pair just cannot recover its recent losses as it marks out a new weekly low:
The ASX200 didn’t really suffer as much relatively speaking, down only 0.3% to finish at 6997 points as traders remain hopeful that the 7000 point barrier can hold, while the Australian dollar makes further losses, heading towards but not yet below the 77 handle as this big reversal continues:
Eurostoxx and S&P futures are falling ever so slightly, with the four hourly chart of the S&P500 showing price wanting to find some sort of bottom around the 4100 point level after crashing through previous trailing ATR support at 4130 points and cleaving that beautiful stairway to heaven in half:
The economic calendar picks up pace tonight with UK inflation and the latest oil crude data from the EIA.