Macro Afternoon

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Inflation concerns are still rocking stock markets with Asian bourses deep in the red in today’s session, with more inflation data from Europe (and the UK) out later tonight. The US remains weak against most of the major currencies, with gold still climbing on its way to the $1900USD per ounce level. The bottom has fallen out of Bitcoin of course, now breaching the $40K level and back to where it was in December last year, down over 40% since its historic high:

The Shanghai Composite has been down all session, playing catchup to the other risk off assets, down 0.7% going into the close at 3504 points, while the Hang Seng Index is having a holiday,  Japanese stocks have flopped again, the Nikkei 225 down 1.2% to close at 28044 points. Meanwhile the USDJPY has stabilised somewhat here at just below the 109 handle, staving off four hourly ATR support but looking weak still:

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The ASX200 was the worst affected across Asia, almost losing 2% by selling off most of the day, closing at the 6931 point level while the Australian dollar again stabilised just below the 78 handle against USD, unable to breach short term resistance at that level to get back to its previous weekly high

Eurostoxx and S&P futures are down significantly in response to the selloff in Asia with the four hourly chart of the S&P500 showing price pushing towards the 4100 point area and possible back to last week’s intrasession low as the target down to 4000 points:

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The economic calendar includes the latest UK inflation report, then EZ wide inflation for April while in the US we get the latest FOMC minutes.