Asian stock markets start the new trading week in mixed fashion following Friday nights stellar US unemployment print with undollar assets continuing their falls while Japanese markets remain closed following the end of the Olympics. While Bitcoin shot 10% higher on the open to a three month high, gold was flummoxed by a huge gap down, after losing only $40USD per ounce on Friday night, it fell nearly $100USD per ounce in early Asian trade. It’s since bounced back to the $1745 level but this is ominous for gold bugs to say the least:
The Shanghai Composite jumped out of the gate, closing 1% higher to 3494 points while the Hang Seng Index has finally put in a positive session, up 0.4% to 26284 points. While Japanese stocks were closed, the USDJPY pair has maintained its weekly high hit on Friday night to remain above the 110 handle proper:
Australian stocks are putting in yet another scratch session with the ASX200 treading water at 7538 points. Meanwhile the Australian dollar is bouncing back ever so slightly after getting hit hard on Friday night, hovering around the mid 73 level going into the London open:
Eurostoxx and S&P futures are little changed although the latter is starting to lose ground, down 0.3% to take back the modest gains from Friday night with the four hourly chart of the S&P500 still showing price wanting to build above the 4420 point level following the better than expected NFP print:
The economic calendar starts the week slowly with the usual slew of Treasury auctions and not much else.