Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Not a pretty sight across stock markets here in Asia in response to the tech wreck on Wall Street overnight, the exception being mainland Chinese bourses and relatively speaking, the local ASX200.  The USD is also losing ground across the major currencies after last night’s reversal with gold still holding on well above the $1830USD per ounce level while the Australian dollar remains under pressure as commodity prices abate.

In crazy crypto land, Bitcoin has fallen back to the $55K level after briefly putting in a weekly low overnight alongside Dogecoin as the four hourly chart continues to form a bearish double top pattern:

The Shanghai Composite is putting on more gains, standing out from the rest of Asia, to close up 0.4% to 3441 points, while the Hang Seng Index is getting thumped, closing nearly 1.9% lower at 28073 points. Japanese stocks are taking the biggest hits however, with the Nikkei 225 closing 3% lower to 28608 points to 29518 points as the USDJPY is still trying to claw back some of the losses from the Friday night rout, heading back to just below the 109 handle:

The ASX200 was able to escape a wider carnage, losing only 1% to close at 7097 points while the Australian dollar is finding a modicum of support at just above the 78 handle after its big reversal overnight:

Eurostoxx and S&P futures are down between 1 and 1.2% with the four hourly chart of the S&P500 showing price on the ropes hear at the mid point of last week’s oscillation, with momentum not yet completely oversold but still looking cautious going into tonights session:

The economic calendar will focus mainly on the closely watched German ZEW survey and then a slew of Federal Reserve speeches that could be USD sensitive.

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    • Maybe we should export Australian Cow Dung TM?

      Good Aussie dung might work where that lesser stuff doesn’t. Plenty of Australian Brahman cattle out there as well.

      • Ritualised FormsMEMBER

        Think Big man, think of the big picture

        Pure Grade Australian Political Excreta: Happy Slapper Bullshido

        The choicest grade stools from the world’s greatest bullshitting political class, blended, roasted and dried to create the world’s greatest COVID19 protection. Every 15g bag is the perfect basis for your peace of mind. It can be snorted, stirred into the beverage of your choice, or moistened and dabbed or smeared on whatever part of your body you like. It can be sprinkled dry on your meal, massaged into your scalp, or shoved by the spoonfull up the orifice of your choice. It comes in 3 classes……

        Coal Carry Class Standard: Redolent of those years when Australian politicians carried lumps of coal into Australian parliament, denial of global climate warming and the need for anyone in their world to do anything about it. It will provide the base load of your COVID protection. It is more than a straightforward exercise in bullshido – it is the standard to which the worlds bullshidomeisters aspire. Comes in Natural bouquet or Alpine Fresh….

        Banking Sector Royal Commission Sublime Bullshit: When you need something more you want the best. You want it stated overtly, you wanted it stated powerfully, and you want the entire national discourse backing what you say without hesitating for a second. You want sublime. You want the ability to look reality straight in the eye and deny it even exists with a smirk and an arm around the shoulder of the one you have just dirked. Can be taken as an enema or rubbed into open grazes and cuts for added protection.

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    • But, if they’re sacred cows, then surely its worth a try? Sounds as good as Australia’s sh!t sandwich of a COVID response


      What a sh1tshow. Modi reminds me of that guy who suggested people drink the bleach. A powerful concoction of corruption, self-aggrandizement and complete ineptitude all rolled into one walking-talking mongoloid..

      • Jumping jack flash

        The idea of stimulus is that it gets distributed and spent. Who gets it and spends it isn’t all that important.

        Good to see they didn’t pursue it too much and will very likely let everyone off. They must have realised what the point of stimulus is…

        Meanwhile, Craig Kelly is trying to whip up everyone into a lather by pointing out that the government is now the proud owner of almost a trillion debt dollars.

        Will he also point out that the people of Australia own double that amount?

        These people who are meant to work for us! Can they dress themselves without help? The mind boggles.

        • RobotSenseiMEMBER

          Qraig Kelly won’t be working for us for too much longer, thank *deity*

  1. Nothing has changed, they will do anything to keep people out and spending…..Indian variant a variant of concern………but some reduced neutralisation ( code for vaccine breakthrough but we don’t want to spook the horses )

    CDC chiming in with changing the rules on testing for vaccine breakthrough to keep the figures low

    • I think it is more a case of Scummo waiting until just after the election to do it. Remember he is going to campaign on ‘keeping us safe from the virus.’ It tells you they are thinking of going in March.

  2. SweeperMEMBER

    Leigh Sales interviews are insufferable.
    Interestingly Frydenberg said the dirty words “aggregate demand”.
    Probably hasn’t been mentioned by a Liberal since Menzies.

    • These morons talked about our economy for 2 hours and didn’t mention property prices once.

      • What’s to mention about it? It always goes up, everyone is happy! Fork me, Dr Rodent figured it out 30 years ago: nobody would come out and complain to him that their home values went up over night. Case closed!

  3. TheRedEconomistMEMBER

    Just watching ABC’s Budget coverage and they had comment from Chris Richardson from Deloitte and a Economist Gabriela D’Souza from CEDA) Committee for Economic Development of Australia. When she was asked to comment, she quickly discussed that the economy was suffering due to the lack of immigration and we needed to get back to pre-Covid levels of ~200K per year.

    To a layman like myself, employment is powering on because of no immigration as locals are not undercut but short term Visa holders.

    A quick LinkedIn search uncovers Ms D’Souza is also a Board member of International Education Association of Australia a Australia’s leading organisation for international education.

    One would hope she is not asked to speak again in National TV without disclose her board representations.

    • Ah she’s been wheeled out all over the place in last fortnight as the “expert” on immigration spruik. (Have followed this topic for years & never heard of her before! Of course her name & background helps with the ABC authority.) As usual no back up information, no actual statistics of any substance just the plain vanilla “its a booming export industry”.
      You know it’s guaranteed these spruikers will have student exports at $1trillion in about 2 years. Its such a sacrosanct industry & topic. Full of all the wokesters & bullsh!t artists. Never any facts. Just say overseas students & all that vibrancy that comes with them & we all fall over the place as if its a fact. TOTAL SCAM. Go Oz Uni’s you are awesome places of truth & honesty! \SARC