See the latest Australian dollar analysis here:
A great finish to the trading week here in Asia, with all share markets putting in strong sessions today as risk concerns over global growth take a back seat. The USD remains super strong against all the majors although extremely oversold Euro is finally looking to take a small upswing as the European session starts amid some important economic data prints. Oil markets are inching slightly higher in the wake of the energy crisis in Europe with Brent crude still above the $105USD per barrel level while gold is finding some buyers to fill in the last two nights of falls, currently breaking above the $1900USD per ounce level, as daily momentum still remains negative:
Mainland Chinese share markets soared throughout the session, with the Shanghai Composite up more than 2% at 3045 points while the Hang Seng Index is doing even better, up 3.2% at 20926 points. Japanese stock markets are closed for another holiday while the USDJPY pair has taken back a small amount of its overnight move, still hovering above the 130 level however:
Australian stocks have ended up 1% higher with the ASX200 finishing the week at 7435 points. Meanwhile the Australian dollar is trying to get out of its recent funk, lifting back above the 1 handle but not yet following through with a substantial close above the high moving average as macro factors continue to weigh the Pacific Peso down:
Eurostoxx and Wall Street futures are looking somewhat better with the S&P500 four hourly chart showing price wanting to get out of this bottom pattern with the potential to breakout above ATR trailing resistance at the 4300 point level building:
The economic calendar finishes the week with German and Euro wide GDP flash prints, plus US core inflation and Michigan consumer sentiment prints.