Macro Afternoon

By in Australian Dollar, Australian Shares

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See the latest Australian dollar analysis here:

Macro Afternoon

A much more positive mood as we head towards the end of the trading week and the all important Friday night US unemployment print. Most stock markets across Asia are putting in very solid returns with the Hang Seng finally breaking out of its funk with European shares looking to play catchup to Wall Street tonight. The USD is generally mixed against most of the risk currencies,  while gold remains nice supported above the $1760USD per ounce level. Meanwhile Bitcoin has consolidated on its surge towards the $55K level, pausing here as it barrels in on its previous record high, having gained more than 20% in the last week:

Mainland Chinese markets remain closed for a holiday while the Hang Seng Index had a major surge, closing nearly 3% higher through is recent slowdown, finishing at the 24659 point level while Japanese markets also got out of their sell mode with the Nikkei 225 closing 0.5% higher to 27678 points. The USDJPY pair was unable to push higher though after overnight almost hitting last week’s high at the 112 handle as it tracks sideways at the 111.50 level:

Australian stocks reversed their previous losses with the ASX200 closing more than 0.7% higher at 7256 points while the Australian dollar is consolidating on the risk on mood, up near the 73 handle but still failing to put in a new intrasession high for the week:

Eurostoxx and S&P futures are up more than 1% so far going into the London open, with the four hourly chart of the S&P500 showing a breakout above ATR resistance at the 4360 point level which had been holding true from the start of the week, staving off a wider correction:

The economic calendar will focus squarely on the latest ECB accounts, then the weekly US initial jobless claims as a prelude to tomorrow nights NFP print.

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Comments

  2. boomengineeringMEMBER

    Better late than never.
    To Mining, TTP, Gavin, Burb, Brett. Thanks all for yesterday.
    Indian big boss rang today offering 50% up front. Nope. Not revengeful, I’m not the type but doing that 5 output shaft Brazilian gearbox with heaps of design faults atm for good client nearby.

      • boomengineeringMEMBER

        Mining,
        I now remember the Indian job from 6 mths ago. Went to fix a large Radial Arm Drill and the the oldest trick in the book, “while you’re here look at 4 other machines for us.
        It is a H beam straightener, up to 2 metre height H and unlimited length. No one could diagnose its fault. It was the blind hidden equalizer shaft snapped inside the cross tube. Put in a quote for design, machine, keyed and threaded 2.5 metre shaft ( about 65-75mm Dia from memory), $1,700 plus ascertain and machine bronze bearings $450, installation and travel inclusive.
        Don’t know if they picked my brains and got cowboys in or just welded it up, or used non high tensile steel. Who knows, who cares.

        • TailorTrashMEMBER

          Boom …just curious ….you seem to have some
          highly developed skill ….how did you get that ?
          Via a trade ….fitter /turner.? boilermaker ?
          Or some other type of trade or hands on learning ?
          Those kind of skills might be hard to acquire in today’s straya ….rescaling a coffee machine might be the limit

          • boomengineeringMEMBER

            Once upon a time, many many years ago when eating chicken was a once a year indulgence, no bike for birthday nor Christmas was even wished for, beyond the realms of reality. A young lad was spied early 1950’s North Cottesloe reclaiming odd scabbed pieces tinkered together in hope of some semblance of two wheeled transport. Many such scenes played out like panel beating corrugated iron flat, bolting them together, tarred between and using wood for nose and aft, presto an excellent performing canoe was born.
            Going to high school found me in the top class but having too many pupils they weeded some out. Their parents complained so my person was deemed a possible non objector which as it transpire proved to be correct. When it came to higher, high school, the math’s went tough without the foundation experienced by the earlier missed tutorial. Dropped out. Working at Woolies the old man (Associate academic engineer who couldn’t put a nail in a bit of wood) grabbed me by the arm and steered me into a, fitter and first class machinist apprenticeship at BHP. While there went to night school for marine engineering. Worked as a O/S marine engineer on a German shipping line for limited time due to severe seasickness. This lifetime experience plus having an extreme male brain type, engineering brain type, bordering on Asperger’s and Sigma personality type has made it easy for me to diagnose, repair and invent, with the unfortunate antithetical lack of people skills.

          • TailorTrashMEMBER

            Thanks boom
            Natural aptitude and application are a good combination
            Looks like your skills can’t be easily replaced .That’s good for you

          • The Travelling Phantom

            @Boom, that’s very interesting history, lucky you were in a purer times, they would have given you ton of retalin these days

        • OsirisMEMBER

          I diagnosed the buzzing fault in a radial arm drill a week ago as holes that had worn oval shaped in a bracket that holds the 3ph contactor shaft. The holes wore because a brass bush for the shaft seized years ago (a 1950s machine). Having extra slop in the shaft, the contactor coil made it vibrate. Got the mechanic guy to do some fixing. I am also aspergers

          • boomengineeringMEMBER

            Quite a few here are, that’s what made me look it up when a fellow blogger on this site said he was, and explaining why playing Rachmaninoff on the piano came easy to me but recognizing faces and body language doesn’t.

          • OsirisMEMBER

            I was totally hopeless at music classes in high school, already had a mind buried deep in electronics and other non arts things.
            I couldn’t tolerate any music other than classical, and could never understand a word said in most lyrics.
            Only much later in life can i comprehend it all and could do a decent job at playing an instrument (having understood the physics). Too busy to do music stuff tho.
            Btw, I’d hold off getting vaxxed until something better than astrazenica can be had. My dad went to hospital last night with blood clot. Had no real health conditions and not fat, just over 80yo. Had double astrazenica months ago, but don’t know if the clots form then, then come loose later. I waited longer and got pfizer when the age limit was increased. Low platelet count is supposed to show the problem, but if it doesn’t show now, it might have happened months ago

          • boomengineeringMEMBER

            Osiris,
            Good at physics are ya.
            Extreme male brain type = good at physics, music (classical), engineering.

        • bolstrood

          I am the same vintage as you Boom.
          Making canoes out of corrugated iron sheets was prt of my growing up in Rosalie ( now Paddington ) in Brissy
          We had an intersection of open storm water drains at the bootom of our street where we tested our efforts. THe drains ran for a mile where they emptied into the Brisbane river beside the Milton Tennis courts. There were a few places where the pipes dropped 6 feet to a new level.I was very good at talking my little brother into eing the test pilot. However badly he came to grief, I could alwys get him to try again

    • ErmingtonPlumbingMEMBER

      I done a choke in earthenware pipe at Denistone east today.
      It was an old 40s or 50s built house that probably didn’t get the sewer on until the mid 60s.
      The place had been renovated/extended probably around that time.
      The kitchen sink line under the house went into an old pre 1950s style 8 inch surcharge gully.
      They are not supposed to be under the house but the Reno was clearly built over it 50 years ago.
      I don’t like using the jetted under a house (awkward, dirty and dangerous) and generally won’t do it but the owner had already had a crack at it with a karcher and part cleared it and had gotten up to what I thought was a bend that lined up with the external house drain ran to the main. (Not a very long run)
      So under the house with all the broken pieces of asbestos I go. (full height crawling space)
      Well do you think I could jet any farther than an 3 or 4 meters,…No I couldn’t and I got the jestter head stuck in what I thought was a collapsed bend with the head digging into the earth.
      Took me ages to pry it out but once I did I dragged everything out and went in with the jetter again through the vent pipe which was only half a meter away down stream from where I had gotten stuck.
      Thing is after jetting from the vent to the Water boards main and camera inspecting I discover that the kitchen line wasn’t even connected to the sewer. (The vent was the end of the line)
      What I suspect is that the old (pre sewer) drainage from the kitchen goes into one these old absorption trenches I come across some times In older places built before the sewer went through.
      They are usually 2 short brick walls only about 700mm high and only 4 or 500 wide dug into the ground with a thin concrete slab poured over the top and usually with 4 or 500 mm of soil over it.
      Well this trench seems, after 70 or 80 years, to be collapsed or silted up so a price has been given to run the Kitchen drainage into the sewer vent.
      I think he’ll do it himself if the KS keeps overflowing the gully under the house (it’s partially flowing after the jet)
      It’s something that could have easily been done 50 years ago.

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