Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

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.

Latest posts by Chris Becker (see all)


    • pfh007.comMEMBER

      The kangaroo is now supporting predatory trade by police states!

      Walmart will send a supporters discount card in the mail.

      How is your Mandarin? You will need it to get past the censors when you post in China defending workers against big government.

      Head thunk!

      • Pointing out the facts after a policy choice is defending nothing … its highlighting the ineptitude of those making these choices … time and time again …

        So after that ignorant spew I can assume you defend those same sorts as the fail upwards ….

  1. I recently noticed that there’s blocks of land available in Helensburgh,NSW upon there’s no approval for houses but tiny homes and caravans are allowed and encouraged. $90K for 500m square. Incorporated into a mini suburb of tiny homes. Is this a new development in the world of real estate.

  2. The following tweet is now on public record after having been read out in Senate Estimates by Lib Ben Small:

    I try and sue the ABC but instead my pants fall down and I try to waddle away but accidentally waddle over a balcony and land headfirst into a truck of pig manure and my legs wriggle around and everyone sees my heart-patterned boxer sorts

    It was tweeted by comedian Ben Jenkins as a witty repartè after Christian Porter dropped his defamation case against the ABC.

    The libs have been trawling through social media and finding posts such as these that were ‘liked’ by ABC journos to try and demonstrate bias.

    So the government knows how many tweets have been liked by ABC journalists, but don’t know how many aged care residents have been vaccinated against COVID-19. Priorities 👍

  3. MathiasMEMBER

    I think there is a major difference between a System and an Enemy.

    You may kick a football through a goal post a number of times, hitting and missing but by and large, the goal posts are stationary. So is the logic of a System.

    When you kick the ball, and the Goal Posts are watching and moving against you, relative to your aspirations to purposely throw you off, then your no longer dealing with a System anymore, but an Enemy.

    > as I watched various Australian investment legends blow themselves up in China, including Kerr Neilsen and Hamish Douglass

    I read this and dont know why it affected me so much. I think in the hearts of every Australian is a desire to grow, become and achieve something throughout the period of there life. The innocence of looking to others, aspiring for more and having a Goal is a pretty cool concept. Unfortunately, its becoming very clear to me that there are destructive forces inside the Australian Community who’s own aspirations are to ‘destroy Australian Aspirations’. You’ve just got to look at the forces at work, how much hate exists in Australia today and how we demonise our own people to see we are on a path to hell.

    The difference between having a System and an Enemy, is the Enemy Adapts against you. I think its fair to say, Australias already had an Enemy for the past 15 years.

    The idea of having a dream is intoxicating to say the least. A ‘hope’. However, I am convinced beyond doubt, that wherever there is ‘hope’ in Australia, there is a force at work to destroy that hope. I believe its intentional.

    What this tells me, is Australian People are under Attack… and whatever this Enemy is ( this shadow Im seeing in Canberra ), is beyond Compromise.

    You cant reason with it. You cant bargain with it. You cant find common ground. The only way you can deal with this thing, is to destroy it… and I believe that requires violence.

    Im baffled by all this disunity. Im baffled that all our agencies seem to be onboard with it. Im baffled that Australians are all onboard with it.

    If Australia had a Morale, then it seems its in the negative. Not only are we past the point of division and isolation but we are now at a point where we wish death and destruction on each other.

    Australia definitely has an Enemy and whatever it is, its working against us. I dont think its something you can compromise with. I think soon, Violence will be the only solution against this because I dont think it listens to anything else.

    • The Traveling Wilbur

      Next week’s Investigate Journalism lead: Man-begs-CBA-to-add-price-of-11-seat-people-mover-to-mortgage-and-accept-keys-to-property-at-settlement.html

      “That way, the whole process, well it’s just more efficient and less stressful for eveyone. And my family will have somewhere stable to sleep until I can get my second food delivery job back when immigration picks up again.”

  4. Arthur Schopenhauer

    No Delta variant found in any Victorian quarantine or escaped from quarantine samples.

    So where did it come from? Quarantine exemptions?

    Things that make you go hmmmm, on a private jet?

  5. SweeperMEMBER

    Nayib Bukele

    “#Bitcoin has a market cap of $680 billion dollars.
    If 1% of it is invested in El Salvador, that would increase our GDP by 25%”.

    Oh dear.. someone needs a lesson in national income accounting. And this guy controls a nation state.
    Millennials have a real problem with thinking because everything needs to be a meme.
    I am so glad I learned how to think before social media was invented.

    In NPV terms (per M Pettis method) bitcoin represents a subtraction from global GDP because its capital flushed down a toilet in China & Russia.

  6. My son and I witnessed an accident today – a motor bike running into a car. Motor bike guy went flying through the air. He’s going to be alright but at one stage someone came up the site and asked “has anyone called 911?”

    This country is going to shit.

  7. My son and I witnessed an accident today – a motor bike running into a car. Motor bike guy went flying through the air. He’s going to be alright but at one stage someone came up the site and asked “has anyone called 911?”

    This country is rooted.

    • Arthur Schopenhauer

      Thucydides’s Trap refers to the natural, inevitable discombobulation that occurs when a rising power threatens to displace a ruling power…[and] when a rising power threatens to displace a ruling power, the resulting structural stress makes a violent clash the rule, not the exception.

      Didn’t work out well when Germany challenged Britain, for either’s power.

      Interesting talk. Unfortunately, there is a real tone of inevitability.

    • Lord DudleyMEMBER

      It’s still too big. Australia’s wealth is based on natural resources, not human resources. Australians who don’t control natural resources are therefore worthless eaters. Everything they consume means less for the resource owners.

      Most of the Australian population are pointless and if they disappeared the country would actually become richer. Gina has the right idea… $2 per day for all you worthless eaters.

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