Stock markets are relatively upbeat here in Asia despite the risk off mood from overnight caused by the “too good” private jobs figures that are pointing to a tapering by the Fed if tonights US employment print also goes into the “too good” category. Bitcoin is rolling over this afternoon after obvious resistance at the $40K level was rejected overnight:
The Shanghai Composite is up a few points and going nowhere going into the close to remain to be just below the 3600 point level while the Hang Seng Index is actually up as well after a torrid week, but only a handful of points to be just above the 29000 point level. Japanese stocks are the only downer, despite a much lower Yen, with the Nikkei 225 off by 0.4% to be just below the 29000 point level as the USDJPY solidifies above the 110 handle after its breakout last night:
The ASX200 continues to outperform with a solid 0.5% rise so far going into the close, currently at 7296 points helped by a depressed Australian dollar that is solidly below the 77 handle and likely to stay there for sometime given its broken through weekly support:
Eurostoxx and S&P futures are poised here going in the London open as traders continue to weigh the risk of the forthcoming US jobs report tonight. The four hourly chart of the S&P500 remains uneasy with price wanting to get back above the 4200 point level but that megaphone pattern is now morphing into a symmetrial triangle after breaking ATR support at the 4200 point level so this could get ugly if the print is too good:
The economic calendar will focus squarely on the May non-farm payroll (NFP) US unemployment print that will dictate the direction for risk markets until the June issue…
Have a good weekend and stay safe.