See the latest Australian dollar analysis here:
Stocks continue to pull back across the region as rising concerns over inflation and COVID related economic slowdowns leading up to tonights US CPI print create a cautious mood. The USD remains strong against most of the risk currencies, with gold hovering just above the $1760USD per ounce level. Meanwhile Bitcoin continues its little pause here just above the $56K level, as it was ready to barrel in on its previous record high towards the $60K level but resistance is too tough in the short term:
The Shanghai Composite was down nearly 0.4% before the lunch break but is now back to scratch settings at 3551 points while the Hang Seng Index has closed due to a typhoon warning. Meanwhile Japanese markets cannot get back into forward gear with the Nikkei 225 closing 0.2% lower to 28172 points as the USDJPY pair stabilises just below the mid 113 level after short term momentum was pushing through extreme overbought levels at the start of the week:
Australian stocks were again the best performers, but still went backwards with the ASX200 remaining under the 7300 point level to close 0.1% lower at 7272 points while the Australian dollar is pulling back again after failing to push through the 74 handle overnight as commodity prices retrace:
Eurostoxx and S&P futures are going nowhere as the poor start to the trading week continues into the second half, with the four hourly chart of the S&P500 showing price hovering just above ATR support at 4330 points with the next stage of support at below 4300 points very close by:
The economic calendar is relatively quiet until we get the double whammy German and US CPI prints.