Risk sentiment has finished the week very mixed again in Asia as overnight stock markets pulled back following hesitation across Wall Street as its earnings season gets underway. USD is continuing its gains against the major currency pairs, while Bitcoin remains deflated as it drops below the $32K level after making a new three week low. Gold is slowly rolling over after a good mid week run above the $1800USD per ounce level as it tries to hold above the former overhead resistance $1810 level:
The Shanghai Composite has closed 0.7% lower at 3539 points while the Hang Seng Index has eked out a small gain, lifting 0.2% to remain above the 28000 point level. Japanese stocks however continue to sell off sharply with the Nikkei 225 closing 1% lower at 28003 points even as the USDJPY pair lifts back above the 110 handle as Yen safe haven buying abates:
Australian stocks have also put in some tiny gains to finish the week on a good note, lockdowns notwithstanding, with the ASX200 closing 0.2% higher at 7348 points. Meanwhile the Australian dollar remains quite depressed here just above the 74 cent level as it looks like finishing the week at a new weekly low:
Eurostoxx and S&P futures are bouncing back slightly with the four hourly chart of the S&P500 showing price wanting to get back above former ATR support and get back on trend but overhead resistance at the 4380 point level looks far too strong:
The economic calendar finishes the week with two big ones – Euro core inflation and US retail sales prints.
Have a good weekend, stay safe and let us all rejoice in the competence of our Federal and state governments in managing the COVID…pffft….