Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

More positive moves across the board here in Asia, save local stocks as the Aussie dollar blipped higher alongside the Kiwi as the RBNZ meeting resulted in both currencies jumping higher against the USD. Gold is pushing above the $1900USD per ounce level while Bitcoin has broken out above the $40K level after being relatively steady post its Monday morning gap down:

The Shanghai Composite is up 0.3% going into the close at 3592 points while the Hang Seng Index is pushing even higher, currently up 0.8% to 29151 points.  Japanese stocks are also putting on some gains with the Nikkei 225 closing 0.3% higher to 28642 points. Meanwhile the USDJPY continues to show no signs of life with the four hourly chart showing it still under the downtrend line from last week’s high:

The ASX200 was the only lose in the region, finishing 0.3% lower at 7092 points in the wake of a much stronger Australian dollar which finally broke through its near two week decline to almost pip through the 78 handle alongside an even stronger Kiwi, but can it hold to these gains as resistance has been so strong overhead:

Eurostoxx and S&P futures are up 0.4% or so although the four hourly chart of the S&P500 shows price hesitating here around the 4200 point level after gravitating around the intrasession high from last week at the 4160 point area previously:

The economic calendar is relatively quiet tonight with no major releases.

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Comments

  1. Just went to the local butchers to get some food for the kids’ dinner. When I asked for some satay chicken kebabs I was told that they were not peanut satay because the got too many complaints from the local “mums” about the peanuts contaminating the rest of the meat in the display.

    Society is truly on a downward cycle.

    • I guess it’s fortunate none of your kids has a severe peanut allergy? You can marinate themself now and without any of the ghastly garlic they inevitably pollute the stuff with

      • Extend that line of reasoning and I suppose he should become a green grocer to appease the vegetarians.

          • People imposing their own specific requirements to the detriment of others when there’s perfectly viable alternatives they could seek out themselves….seems pretty much the same to me.

          • drsmithyMEMBER

            Except that’s not reallly the same is it

            Of course it is. Anaphylaxis it totally a personal choice.

          • migtronixMEMBER

            Actually smithy its a social construct that’s better interpeted as a spectrum and you don’t want to fail to give highly toxic steroids just because you don’t recognise their self identity and see it as incompatible to effective treatment 🤷‍♂️

        • Frank DrebinMEMBER

          I would like to get my tofu steaks from the local butcher but all the meat he sells really puts me off.

          I have started a petition to get him to stop selling animal meat.

          • As a diabetic, claustrophobic dyslexic I’m currently running petitions against The Cheesecake Shop, Otis elevators and the local library.

          • The Traveling Wilbur

            As a dyslexic, I assumed that must sited would also be on your list.

      • The Traveling Wilbur

        Sigh. What they actually want is the butcher to stop using allergenic ingredients in their shop. Entirely.

        Which would be fine. And reasonable.
        Unless the shop also already sold: bananas, crustaceans, raw dairy or gluten.

        I mean, shops that sell any of those things AND meat products must be so rare (heh) that totally rejigging their business models to suit people who can’t cope with the universe not meeting their expectations would be totes fine, amirite?

        PS may be a bit pished so sorry for tone – not about you.

  2. Bitcoin has broken out above the $40K level after being relatively steady post its Monday morning gap down – I am still HODL. Thank you.. 😀

  3. New Zealand housing: The days of ultra – cheap mortgage debt financing coming to an end …

    Reserve Bank leaves monetary policy settings unchanged now, but has reintroduced forward interest rate forecasts that suggest a first rise of the Official Cash Rate in the second half of 2022; Kiwi dollar jumps … David Hargreaves … Interest Co NZ

    https://www.interest.co.nz/news/110561/reserve-bank-leaves-monetary-policy-settings-unchanged-and-says-current-price-pressures

    The Reserve Bank has left the key monetary policy settings unchanged and says the current visible price pressures in the economy will abate over the course of the year.

    But it has reintroduced forward forecasts of the Official Cash Rate in its latest Monetary Policy Statement. And these suggest the central bank expects to start raising the OCR in the second half of next year. … read more via hyperlink above …

    Average New Zealand house tops $900,000 at end of April … Rob Stock … Stuff NZ

    https://www.stuff.co.nz/business/125074526/average-new-zealand-house-tops-900000-at-end-of-april

    Budget 2021: Is New Zealand on the eve of a new brain drain to Australia? … Luke Malpass … Stuff New Zealand

    https://www.stuff.co.nz/national/politics/125142382/budget-2021-is-new-zealand-on-the-eve-of-a-new-brain-drain-to-australia

    … In normal housing markets, house prices should not exceed 3.0 times gross annual household incomes … or as a check measure … about 1.5 times gdp, gsp or gmp.

    Further extensive information at Performance Urban Planning and Interest Co NZ’s Median Multiple information below …

    Median Multiples | interest.co.nz

    https://www.interest.co.nz/property/house-price-income-multiples

      • Yes, excellent and they toured Oz 2 years ago. Google Jazz at Lincoln Centre for an excellent series of their concerts.

      • Marsalis is fantastic, and did a great gig with Willie Nelson a few years back,. check Two Men With the Blues out if you can find it.

  4. GOLD on a tear…US$2000 next stop! Turns out its more sought after than digital coins

  5. Just a Few Clots

    Melbourne should lock down everyone with a BMI over 30 since COVID disproportionately kills young fatties and geriatrics already close to death.

    80 and 90 year old don’t go to work. Why not tell them to stay home! Logic, no?

    As for the young slobs with a BMI over 30, well, that’s their problem. They’ve had 14 months lose that excess blubber! I’m not joking either. Why should I worry about the health of someone who doesn’t want to be healthy?

    Only 5 COVID deaths for people 49 and under in Australia out of 900 something total deaths.

    That’s 0.5% of COVD deaths.

    Instead of a lockdown of the whole population, have a BMI 30 lockdown. Have checkpoints setup with weighing stations randomly weighing anyone that looks a little heavyset or big boned. Might catch a few slobs trying to break the BMI 30 lockdown to make a 1am Maccas run.

    67% of Aussies are obese (look it up). Yet COVID has still only killed 5 people under 49.

    This is not something to worry about it you are in the prime of your life.

    • drsmithyMEMBER

      Yet COVID has still only killed 5 people under 49.

      How many of them were obese ?

      • The Traveling Wilbur

        In the context of the current conversation I think the question you and I should be asking each other is: How many of them were obtuse?

        And crossing fingers that there’s room in that stat for one more.

      • This person has been posting the same Tripe in several MB threads in the last few days waiting for a fish to bite. And there you are Dr Smithy lol.

  6. RanganutsMEMBER

    Woo go CBA go! So happy I didn’t listen to you lot and bought a stack at $65.00 a year ago.

    Yeah I know Bcnich or whatever his name is will come and say the end is nigh on the global banking system and he will probably be right one day… but for now I will enjoy the fruits of going against the grain. You can’t beat the banks… so buy em!

    • Camera on tripod already, stabilising temperature, long lens attached. I might go to bed before the exciting bit though, as I keep farmers hours these days…

    • Mining BoganMEMBER

      I’ve got a chair set up just inside the back door so I can stay toasty warm and still have a good view.

      It’s a bit chilly outside.

    • Eating out under the stars at a food van on the foreshore. The curry puff was delicious and I’m about to make a mess of a laksa. Life is good.

    • Interesting.

      VML is now mining re in Canada and today released results of some very high grades in resource outdrilling. They will be North America’s second RE producer later this year once their ore gets processed. They’ve done incredibly well to get this opportunity up and going over the past few years (I’ve been a long-term tiddly shareholder)

    • Anisha Pokharel, 24, arrived in Sydney from Nepal two years ago to study social work and was forced to survive mainly on bread and milk for four months when she was out of work last year. Reliant on savings, she had a grocery budget of $10 to $20 per week.

      “During the pandemic it was hard for me to pay my rent because I was jobless,” she said. “I had to survive on very little food.

      • Just a Few Clots

        They mustn’t realise there are plenty of Aussie students living off of 2 minute noodles

        • Lived on porridge for weeks on end going to uni. Didn’t think to complain about it

          • The Traveling Wilbur

            When I was a lad, every meal was porridge.

            And we were grateful for it.

    • Chaitra Hareesh, 30, arrived in Sydney from India in 2018 to study a master of commerce degree at the University of NSW. Now living in Homebush and working as a community organiser as part of the Sydney Alliance, she had never expected to find herself homeless during the pandemic.

      A friend provided her with a bed until she could find her feet. She is now working with other students who have struggled to feed themselves after losing jobs.

    • Abhishek Singh, 27, is studying a post graduate degree at Western Sydney University and arrived from India more than three years ago. His first job in a car wash paid him $6 per hour. He was forced to leave his accommodation in December last year after his safety was threatened.

    • Erika Katalbas, 29, who works with other students from the Philippines at the hub lost her casual job during the pandemic and was previously paid below the legal minimum wage in a hospitality job after arriving in Sydney in 2016. She is now looking for a job in social work having completed post-graduate commerce and social work degrees in Sydney.

  7. migtronixMEMBER

    I’m sorry Mr Speaker
    But I am a shill!
    Always meant to make
    This country die
    Ive heard God say it like
    A million times 🎶🎶

  8. Labor: the AMP of political parties.
    Like the default super fund, always there, and with crap returns.
    Open borders and Woke Choices.
    Nothing more, nothing less.

  9. migtronixMEMBER

    Ooooh I, ooooh I, ooooooh I, oooooh I
    Ooooh I just know that something cooked is
    Gonna happen

    U ta sgreat

    • The Traveling Wilbur

      Correct. “Slowly absorb the family, friends and associates of someone you know whom you judge to be more successful than you in life and then steal their PIN(s) and bank accounts and leave them deranged and homeless.” is much better advice. Allegedly.

      • migtronixMEMBER

        Gonna roll Mathias energy here, trigger warning:

        As a dude who’s lived alone pretty much my whole adult life I think I know why house work isn’t valued – I do it and no-one pays me or buys me nothing….

        • The Traveling Wilbur

          Not quite. Mainly because Men manage/d to get Women to do it is pretty much the whole story as to why it historically lacks value. And most men don’t care if it actually gets done is the remainder 😀.