Macro Afternoon

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Its a mixed end to the trading week here in Asia as COVID-19 and other events including the postponed OPEC+ meeting cause some flux in stock market fortunes. Gold is slowly gaining but its looking weak again at $1778USD per ounce while Bitcoin has been unable to gain any momentum, heading back towards the $33K level with a succession of new session lows on the four hourly chart:

The Shanghai Composite is selling off sharply, down more than 1.5% to be at 3529 points while the Hang Seng Index reopened and is following a similar path, down 1.6% 28353 points. Japanese stocks are finally finding some life helped by a weaker Yen with the Nikkei 225 gaining 0.3% to be at 28777 points as the USDJPY pair failed to make further gains after its big breakout, just hovering at the mid 111 level here:

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Australian stocks have moved out of their unsettled state as the lockdowns start to reduce across the country with the ASX200 up nearly 0.5% to almost break the 7300 point level. Meanwhile the Australian dollar remains under pressure, hovering below the recent weekly low as all eyes focus on tonight’s NFP print:

Eurostoxx and S&P futures are climbing slightly going into the London session although the four hourly chart of the S&P500 is suggesting price power is exhausted here past the 4300 point level although anything can happen including good news = good for stocks later tonight:

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The economic calendar will focus squarely on the latest US jobs report, the non-farm payrolls or NFP for June, which will set the course for risk taking until next month.

Have a great weekend, I’m going back to the beach…

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