It’s green across the board here in Asia, with Chinese stocks leading the way as a risk on mood pervades stock markets despite the dramatic pullback in iron ore prices The USD is weakening against most of the majors, particularly Euro and Yen but especially losing a lot of ground against Chinese Yuan today. Bitcoin is relatively steady after a modest spike overnight, currently hovering just above the $38K level but looking extremely weak here:
The Shanghai Composite is pushing the strongest, up more than 2% going into the close at 3573 points while the Hang Seng Index is going the other way, down 0.3% to 28367 points. Japanese stocks are also putting on solid gains with the Nikkei 225 closing 0.6% higher to 28553 points. Meanwhile the USDJPY continues to deflate and remains on course with the four hourly chart showing it ready to tackle the Friday session low at the 108.60 level shortly:
The ASX200 nearly put on a perfect 1% up day, finishing above the 7100 point level to close at 7115 points while the Australian dollar also lifted itself off the deck, bouncing off support at the 77.30 level but still looking weak as daily and weekly resistance weigh overhead:
Eurostoxx and S&P futures are up in line with Asian shares, with the four hourly chart of the S&P500 showing price wanting to burst higher above the 4200 point level after gravitating around the intrasession high from last week at the 4160 point area previously:
The economic calendar ramps up tonight with the latest German GDP print plus the closely watched IFO survey, followed by US house prices and consumer confidence figures for May.