Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Still not a pretty sight across risk markets here in Asia with Taiwanese stocks in near freefall, while other risk assets remain concerned about inflation fears across the US and Europe, with both German and US inflation monthly prints coming in tonight. In crypto land, Bitcoin has bounced back from a short term blip down to the $55K level, now pushing above $57K with the medium term outlook looking a little better as the bearish double top pattern on the four hourly chart morphs into something less dire:

The Shanghai Composite is again the standout, closing nearly 0.6% higher to 3463 points, while the Hang Seng Index is also bouncing back, up nearly 0.4% at 28114 points. Japanese stocks are still taking the biggest hits however, with the Nikkei 225 closing 1.4% lower to 28147 points as the USDJPY is hovering below the 109 handle and unable to claw back above previous support, not resistance at the 108.80 level:

The ASX200 continued its own mild selloff, only losing 0.7% this time to still finish above 7000 points, or 7044 but the Australian dollar has clearly broken down here on the four hourly chart, breaking below the recent session lows and the 78 handle proper with the potential to break key weekly support next:

Eurostoxx and S&P futures are struggling to find traction here amid the selloff in Asian shares with the four hourly chart of the S&P500 showing price still on the ropes near the previous weekly low at key support at the 4100 point level:

The economic calendar includes German inflation and the US core inflation numbers tonight, both will be very closely watched!

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Comments

      • ErmingtonPlumbingMEMBER

        That is just an example of a ridiculous, over opinionated, poorly informed individual who has said stupid shyte all his life.
        Biden on the other hand is in serious mental decline, probably dementia.
        He is worse than Regan near the end of his presidency!

        • pfh007.comMEMBER

          Biden will be fine.

          Every time I see one of those Republican / Fox exercises in wish projection I find myself wondering how those poor chumps are coping knowing the socialists are destroying America.

          • ErmingtonPlumbingMEMBER

            The Democrat party them selves should be “wishing” Biden away.
            He is completely incompetent now.
            The Sooner Harris steps up the better for the whole country AND the world.

          • You’ll like this then …. ep.

            Kamala Harris, that vaunted self-righteous feminist candidate who’s using her ‘year of the woman’ chops to challenge President Trump in 2020, has a little problem: She slept her way to the top.

            You know, the mistress thing, not exactly moving on up based on hard work or merit, that little advantage of good looks (President Obama called her the ‘best-looking’ state attorney general), employed to their optimal practical use. Her political patron, former lawyer to pimps, Mayor of San Francisco, and State Assembly Speaker Willie Brown, admitted he helped her get her political start, writing in his bloggy San Francisco Chronicle column:

            Yes, we dated. It was more than 20 years ago. Yes, I may have influenced her career by appointing her to two state commissions when I was Assembly speaker.

            And I certainly helped with her first race for district attorney in San Francisco. I have also helped the careers of House Speaker Nancy Pelosi, Gov. Gavin Newsom, Sen. Dianne Feinstein and a host of other politicians.

            Now you know where we get these people from. Somehow Harris, who was in her late 20s or at most 30 when she dated the 60-year-old married Brown around 1994 did so because he was just so very irresistable.

          • ErmingtonPlumbingMEMBER

            Yawn.
            Ive heard all that before.
            She’s the VP regardless of who she did or did not suck off to get there.
            I rather the the key to the Nuclear briefcase be held by her than Biden!
            Don’t those US presidents have to memorise a launch code as well?,…good luck having Biden remember that!
            https://youtu.be/ToVc_Q6IlMM

            BTW How much is 740 million, billion dollars?
            Isn’t that 740,000 trillion dollars!?
            That seem like a lot.

          • The Traveling Wilbur

            Only because you think she’s hot.

            Absolute proof: not being able to remember nuclear codes = no launch = less chance of accidental launch (or a misguided, heh) one… So Biden to keep ’em = a better world. You’d have figured that out for yourself. Had you been using your ‘upstairs’ thinking unit.

          • SweeperMEMBER

            “The Democrat party them selves should be “wishing” Biden away.
            He is completely incompetent now”

            He has already got a $1.9T stimulus through
            About to pass $800B infrastructure plan.
            raised minimum wage for federal contractors and will soon raise overall minimum wage.
            Is raising the top income tax rate & CGs rate
            rolled out a speedy vaccine program and has slowed spread of covid
            got the Fed committed to keeping rates low regardless of inflation paranoia
            US economy on the verge of boom, and getting the 9m unemployed back to work

            I have been very happy with Biden so far. Who cares if he is old and bad at public speaking.
            People who are good at public speaking are usually liars anyway
            Now all he needs to do is outlaw bitcoin and he will be off to a flier.

          • You guys obviously have no clue to Calif politics or Kamala’s pro prison slavery/corporatist privatization gig, sorta like Nancy and Hubbies C/RE post office grab, but hay look over here at LBGT rights ….

          • SweeperMEMBER

            “knowing the socialists are destroying America”

            haha. you must be hating the neoliberal blowback..

          • migtronixMEMBER

            Haha! Back on yo box b!tch, when dat skank hoe was tripping on smoking the herb, I woz in the croud remembering that fascist clown was full force on 420

            Don’t even trip

          • ErmingtonPlumbingMEMBER

            @Sweep
            Wasn’t all that DNC policy that would have been enacted regardless of who got anointed Democrat president?

            @Skip
            Whats Harris’s grubby history got to do with with the competence of the degenerating before our very eyes, Joe Biden?

        • migtronixMEMBER

          Haha! Back on yo box b!tch, when dat skank hoe was tripping on smoking the herb, I woz in the croud remembering that fascist clown was full force on 420

          Don’t even trip

  1. Iron Ore $300

    Joshy well and truly has the training wheels off now. He has delivered in spades. The Liberals really are the best economic operators.

    • “Why did I allow myself to be bored ever in the past and to compensate for it got high or drunk or rages or all the tricks people have because they want anything but serene understanding of just what there is, which is after all so much.”

  2. SoCalSurfCreeperMEMBER

    Inflation! I just got back from a 4 day weekend in New York City. Can confirm prices are getting out of hand. Restaurant reservations are hard to get, unless you plan ahead. They are all short staffed. Hotel (The W union square) said they were unable to hire and were losing employees to competing hotels. There aren’t enough Uber drivers on either coast. A ride from San Diego airport to my house that would normally be $45 can go as high as $125. Drivers say they are slammed. Airports are busy and flights are full. Flight prices seem to be jumping by the day. I’ve been trying to plan our summer trips. Think we’ve settled on 8 days in Costa Rica. No covid travel restrictions. Hotels there don’t seem that full.

    • ErmingtonPlumbingMEMBER

      All that unnecessary air travel is climate vandalism!
      Shame on you.

      • SoCalSurfCreeperMEMBER

        It’s only a matter of time before wokesters try to stop it. I’ll give them my premium cabin boarding pass when they pry it from my cold, dead hands.

  3. So Moderna for oz

    Just advised at work that wife and close contacts (baby sitter etc) eligible for Pfizer through work

    Booked for Monday.

    Another 3k at Homebush yesterday