Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Stock markets are performing while again in Asia with Chinese bourses again pulling back while traders and bots in general look to moderate before going into tomorrow night’s US jobs report, the most important event on the economic calendar. Currency markets are seeing a rebound in USD strength, pulling the Aussie down while gold prices slip back  below the $1900USD per ounce barrier.  Bitcoin is finally finding some life here as volatility spikes again after price hovered just below the $37K level all week with a late breakout to sees it threatening overhead ATR resistance at the $40K level:

The Shanghai Composite was looking to put on gains this afternoon but is pulling back going into the close to remain unchanged at 3589 points while the Hang Seng Index is pulling back proper, down another 0.8% at 29074 points.  Japanese stocks are moving forward with the Nikkei 225 lifting another 0.4% to close at 29058 points as the USDJPY finds some life this afternoon, lifting up towards the 110 handle after failing the same time and space yesterday – can it make it stick this time:

The ASX200 continues to outperform with the latest trade and retail figures, lifting nearly 0.6% to close at 7260 points. Meanwhile the Australian dollar has rejected heavy resistance overhead, with a drop back to the 77 handle as the four hourly chart broadcasts more downside as part of its overall medium term downtrend:

Eurostoxx and S&P futures are flat lining yet again going in the London open as traders continue to weigh up the risk of the forthcoming US jobs report. The four hourly chart of the S&P500 remains uneasy with price wanting to extend up above the 4200 point level but that megaphone pattern is now morphing into a continuation with heavy resistance building as momentum continues to taper:

The economic calendar includes US initial jobless claims and the private ADP employment figures as a precursor to tomorrow night’s NFP print.

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Comments

  1. Remote working update …

    … How well understood is the massive shift to dispersal and decentralization ? …

    … What will this trend do to artificial housing bubbles ? …

    More Workers Are Quitting Their Jobs Instead Of Returning To The Office … Bloomberg / Zerohedge

    https://www.zerohedge.com/economics/more-workers-are-quitting-their-jobs-instead-returning-office

    Chamber Of Commerce Confirms US Labor Shortage Is A “National Economic Crisis” … The Epoch Times / Zerohedge

    https://www.zerohedge.com/personal-finance/chamber-commerce-confirms-us-labor-shortage-national-economic-crisis

    Working from home: Call to ban out-of-hours emails from bosses … BBC

    https://www.bbc.com/news/uk-politics-57314814

    Study Shows Employers Prefer Working From Home VIDEO … NBC San Diego

    https://www.nbcsandiego.com/news/local/study-shows-employers-prefer-working-from-home/2620908/

    • Mining BoganMEMBER

      I spied a little old lady refuse to enter a Wollies today. Nice customer service lady told her not to worry about the technology, just a name for the book. Little old lady told her to jam it and walked out shaking her head. She was fuming.

      Our local IGA doesn’t seem to care.

      • ErmingtonPlumbingMEMBER

        I no longer go into Ermington Woolies as they almost never have those conveyor belt checkouts open.
        Only the self serve shyte and service at those crappy little bays.
        I go to ALDI Rydalmere or Coles West Ryde and Carlingford instead now.

        Woolies West Ryde still has the good conveyor belt service but the way Woolies is leading in this push towards self serve has me saying Fk you Woolworths cnts,… Im committed to shopping somewhere else,…every time.

        Even when its inconvenient to do so!

        • Mining BoganMEMBER

          Aldi is now trialling self-checkout. Probly not enough immigrants to staff their stores.

          Incidentally the Woolies in question today is on the WuFlu case list as a tier 2 exposure. Little old lady didn’t care.

        • You inconvenience yourself just to enjoy manned checkouts – somewhere, CEOs are laughing! 😂🤔👀

          Much prefer self checkout or home delivery

    • Anyone whinging about this (except those like the oldies without smart phones) is an utter numpty.

  2. So the fed govt keeps talking about the proposed purpose built quarantine facility in VIC as being “additional” to hotel quarantine, and state govt keeps mentioning it as “alternative”. I think this is the real sticking point and why it hasn’t been announced and agreed upon. There is no reduction is risk in hotel quarantine if this facility is just adding more returned travelers and having hotel quarantine continue as is.

  3. “We just have to keep beating it. And we have been beating it, we will keep beating it and Australians will keep beating it.”
    – The Hon. S. Morrison. PM.

  4. This “Round 3” of the lab leak theory was kicked off by Wade’s citing Baltimore. “The furin cleavage reference by Baltimore via Wade infuriated me because I had read Andersen, et al’s article when it was first published online at Nature, and they specifically discussed the furin cleavage as natural (SARS-COV2’s natural emergence: https://www.nature.com/articles/S41591-020-0820-9)

    • Interesting… Google’s satellite view shows an intact row of mcmansins, Street view shows a demolition site with intact houses either side, the REA’S photos blank out the demolition site, but show a building site next door?
      Gang warfare? Storm subsidence? General unreliability of bits of Queensland actually existing?

        • Landline and mobile both on the fritz today. drop me an e-m on les{at}theedibleforest.dot.com.dot.au (I’m sure you can remove the obfuscations :-))

  5. New Zealand’s national disgrace: Totally unnecessary and destructive housing inflation …

    … Knight Frank reports …

    Global Home Prices Rise Most Since 2006, Fueling Bubble Concerns … Faris Mokhtar … Bloomberg

    https://www.bloomberg.com/news/articles/2021-06-03/global-home-prices-rise-most-since-2006-fueling-bubble-concerns

    • Turkey tops the list, followed by New Zealand and Luxembourg
    • Several countries have begun taking steps to curtail frenzy

    Housing prices worldwide are rising the most since before the global financial crisis, following a market frenzy seen in places from New Zealand to Canada to Singapore during the pandemic. … read more via hyperlink above …

    Global House Prices Rising at Fastest Pace in 15 Years … Mansion Global

    https://www.mansionglobal.com/articles/global-house-prices-rising-at-fastest-pace-in-15-years-227824?link=TD_mansionglobal_new_mansion_global.11147f181987fd93&utm_source=mansionglobal_new_mansion_global.11147f181987fd93&utm_campaign=circular&utm_medium=MANSIONGLOBAL

    Global House Price Index q1 2021 … Knight Frank

    https://content.knightfrank.com/research/84/documents/en/global-house-price-index-q1-2021-8146.pdf

    … According to the latest Ipsos Issues Monitors, not surprisingly, housing is a major concern of a staggering 60% of New Zealanders, 22% of Australians and 9% of the British …

    Ipsos NZ Issues Monitor February 2021 | Ipsos

    https://www.ipsos.com/sites/default/files/ct/news/documents/2021-03/13th_ipsos_new_zealand_issues_monitor_report.pdf