A very mixed finish to the trading week here in Asia with most stock markets putting in scratch sessions or minor retracement as traders await the outcome of the Fed’s Jackon Hole meeting and the PCE inflation print. The USD has fallen back slightly against the undollars, including Bitcoin but its gold that has found the most life through the Asian session, pushing back up above the $1800USD per ounce level as the four hourly chart suggests a further breakout maybe imminent:
The Shanghai Composite has bounced back, up nearly 0.5% to recoup half of its previous losses, closing at 3519m points while the Hang Seng Index retreated slightly, finishing 0.1% lower at 25384 points. Japanese stocks had a decent retracement, with the Nikkei 225 falling 0.3% to reverse its breakout, finishing at 27642 points:
Australian stocks have finished dead flat, capping off a topsy turvy week, with the ASX200 closing 0.1% lower at the 7488 point level. Meanwhile, the Australian dollar has risen slightly after its mid week dip, but is still right on the mid 72 level versus USD with the 72 handle proper providing very firm support in the coming days:
Eurostoxx and S&P futures are lifting slightly going into the London open, as the four hourly chart of the S&P500 shows price bouncing off short term support at the 4460 point level. The real target here is the 4500 point level but this will require a big uplift in momentum as we go into the final session of the week:
The economic calendar ends the week with the closely watched PCE core inflation index and the Jackson Hole conference in the US, so watch for more hawkish comments around inflation.