Asian share markets are mixed again with Chinese bourses continuing to fall, with Japanese stocks joining in while local issues are unchanged. The USD continues to strengthen against the major currencies as volatility drops going into tonight’s Federal Reserve meeting. Gold is trying to lift off the floor after selling off overnight and is slowly lifting higher as the London session opens up, currently at the $1860USD per ounce level while Bitcoin is consolidating after pushing up through the $40K level but this looks tenuous at best:
The Shanghai Composite is still on the decline, losing some 0.6% to be at 3524 points, while the Hang Seng Index is not doing much better, down 0.4% at 28529 points as it cracks through daily support. Japanese stocks pulled back unexpectedly with the Nikkei 225 closing 0.5% lower at 29291 points as the USDJPY pair remains elevated above the 110 handle yet unchanged:
Australian traders were in a wait and see mode with the ASX200 closing only 0.1% higher at 7386 points while the Australian dollar remains stuck here just below the 77 handle after last nights deflationary move:
Eurostoxx and S&P futures are flat lining here going in the London open with the four hourly chart of the S&P500 showing momentum reverting to a neutral albeit positive position as we all await the Fed’s next move:
The economic calendar will focus completely on the latest FOMC meeting and the press conference thereafter.