See the latest Australian dollar analysis here:
A relatively strong response on stock markets across Asia today as risk comes back to start a new month following some mixed economic prints overnight. The USD is bouncing back slightly although the Australian dollar surged on the latest GDP print and gold remains very strong here above the $1800USD per ounce level with the four hourly chart showing price bunching up here ready to start another breakout above the $1820USD level:
The Shanghai Composite is up 0.7% to advance on its breakout above the 3500 point level, about to close at 3569 points while the Hang Seng Index lifted through the 26000 point level, rising 0.6% to finish at 26004 points. Japanese stocks again did even better, with the Nikkei 225 finishing 1.2% higher to close at 28451 points, turning its swing long play into a proper breakout:
Australian stocks were the odd ones out on the GDP print with the ASX200 stalling again, closing 0.1% lower to remain slightly above the 7500 point level. Meanwhile, the Australian dollar has surged again to advance well above the 73 handle, making a new intrasession high for the week:
Eurostoxx and S&P futures are lifting going into the London open, with the four hourly chart of the S&P500 showing price wanting to re-engage back above the 4530 point level as short term momentum remains nicely overbought and ready to springboard ever higher:
The economic calendar continues with German retail sales and US ISM/Markit manufacturing PMI prints.