See the latest Australian dollar analysis here:
Another poor session for Asian stock markets with concerns over Chinese growth and the ongoing COVID lockdowns combined with increased tensions in Europe while the Fed seems hell bent on raising rates sharply. The Australian dollar has continued to selloff, still holding barely at the 74 cent level versus USD, while Yen is still extremely weak with Euro and Pound Sterling rolling over as the London session gets underway. Oil markets are trying to stabilise but both markers are now under the critical $100USD per barrel level while gold is slowly pushing higher following its Friday night breakout. Bitcoin has crumbled once again, now pushing below the $40K level and looking to break for a new monthly low:
Mainland Chinese share markets remain unsettled although the Shanghai Composite jumped higher towards the close, currently up 1.4% to 3214 points while the Hang Seng Index has managed a meagre bounceback, up 0.6% to 21350 points. Japanese stock markets remain in sell mode however with the Nikkei 225 closing some 1.6% lower to 26334 points while the USDJPY pair is stuck at it recent high at the mid 125 level, still well above the March high but looking way overstretched:
Australian stocks were not able to escape the selling today, with the ASX200 closing 0.4% lower at 7454 points, remaining well below the key 7500 point level, while the Australian dollar has continued to fall, anchored at the 74 handle in the wake of a Chinese slowdown:
Eurostoxx and Wall Street futures are drifting lower with the former down 1% already with the S&P500 four hourly chart looking to follow through similarly. The 4500 point level is now a distant memory as price retraces back down to monthly support with momentum remaining oversold and ready to keep going down:
The economic calendar is jammed pack tonight with UK unemployment, German ZEW Survey and then US core inflation prints.