See the latest Australian dollar analysis here:
Stock markets are not in an upbeat mood here in Asia despite the risk on mood from Friday night caused by poor-ish US jobs figures that looks set to delay the onset of the Federal Reserve taper aka the taking away of the punchbowl. Undollar assets are holding on to their gains, but only just while gold has slipped slightly and remains well under the $1900USD per ounce level. Bitcoin gapped down on the open this morning to well below the $36K level and is struggling to go anywhere this afternoon after the sequence of resistance levels continues to fall lower and lower:
The Shanghai Composite is up a few points to start the week, but remains just below the 3600 point level while the Hang Seng Index has sold off smartly, down nearly 0.7% at 28728 points, still clearly unable to get back above the 29000 point level. Japanese stocks are struggling with the stronger Yen, and despite the strong lead from Wall Street, the Nikkei 225 closed only 0.1% higher at 28996 points. Meanwhile the USDJPY is just holding on to its Friday session lows at the mid 109’s but looks ready to break below recent weekly support here:
The ASX200 is also having a hesitant start to the trading week, dropping some 0.2% but still heavily supported here at 7281 points, not helped by a resurgent Australian dollar that is holding above the 77 handle but unable to advance past the Friday night highs:
Eurostoxx and S&P futures are poised here going in the London open as risk seems to be reconsidering Friday nights’ US jobs report tonight with the four hourly chart of the S&P500 remaining elevated just below the record high, but still looking uneasy:
The economic calendar always takes a breather after the US unemployment print so it’s all quiet tonight, relatively speaking.