See the latest Australian dollar analysis here:
Asian stock markets are finishing the week on a high note with green across the board in response to the continued rebound on Wall Street overnight. The reversal in USD strength has also continued, save for Yen which is weakening alongside risk markets, while gold hovers just below the $1800USD per ounce level. Meanwhile Bitcoin is having a lovely end of week breakout, lifting strongly this afternoon to almost break the $60K level, not far off its previous record high from April this year – what a recovery:
The Shanghai Composite is up 0.3% to 3567 points while the Hang Seng Index reopened from its holiday to be up nearly 1%, currently at 25170 points. Meanwhile Japanese markets are resurging strongly with the Nikkei 225 about to close 1.4% higher to 28946 points as the USDJPY pair is breaking out of its mid week base above the mid 113 level as short term momentum returns to the overbought levels at the start of the week:
Australian stocks are rallying nicely going into the end of the trading week, with the ASX200 about to close 0.7% higher as it wants to return to the 7400 point level, currently at 7359 points while the Australian dollar is hovering just above the 74 handle but without any selling evident, creating a nice base here:
Eurostoxx and S&P futures are lifting strongly going into the London session, with the four hourly chart of the S&P500 showing price building higher on its breakout above the previous 4400 point high from last week as momentum really gets a wriggle on as earnings season meets expectations:
The economic calendar finishes the week with the latest US retail sales print plus University of Michigan consumer sentiment survey.