Macro Afternoon

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Green across the board here in Asia with stock markets continuing their very strong start to the trading week as overnight markets including Wall Street absorbed more really good economic news that wasn’t good enough to stop the taper. Commodity currencies and undollars are bouncing back with gold remaining above the $1800USD per ounce level while Bitcoin has another crack to get back above the $50K level after basing all of last week:

Chinese stocks are pushing ever higher with the Shanghai Composite extending its gains, up 1% higher to close at 3514 points while the Hang Seng Index is even more boisterous, lifting over 2% to close at 25642 points. Japanese stocks are doing well, with the Nikkei 225 continuing its breakout to finish nearly 0.8% higher at 27732 points, as the USDJPY pair remains depressed slightly below the 110 handle:

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Australian stocks were the relative laggards in the region again with the ASX200 only gaining 13 points or just over 0.1% to 7503 points as the Australian dollar continues to bounce back after its swift slaughter down to the 71 handle, and is looking a lot better going into the London open as it advances past the 72 cent level against USD:

Eurostoxx and S&P futures are starting higher going into the London open, as this dip filling turns into a new uptrend as the four hourly chart of the S&P500 shows price wanting to push up towards the 4500 point level as momentum gets nicely overbought and supportive of further price rises:

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The economic calendar will focus squarely on the latest German GDP print followed by US home sales data.