Asian share markets are trying to stabilise amid the risk off mood on overnight markets as traders position for tonight’s all important US inflation print. In fact the USD is losing ground slightly against all the majors in anticipation of a possibly low print, although Euro remains at parity while the Australian dollar has put in a mild bounce but is still depressed at the 67 cent level. Oil prices are also under pressure following last night’s big selloff, with Brent crude still hovering below the $100USD per barrel level, while gold is slipping further downwards, as it makes another new daily low at the $1724USD per ounce level:
Mainland Chinese share markets were somewhat mixed in today’s session with the Shanghai Composite currently up just 2 points to 3283 while the Hang Seng Index is dead flat, currently at 20843 points. Japanese stock markets were the strongest in the region, with the Nikkei 225 index closing 0.5% higher at 26478 points while the USDJPY pair has bounced back a little to just get back above the 137 handle but is still a long way off its start of week highs:
Australian stocks were able to put in modest returns with the ASX200 finishing nearly 0.25% higher and remain at the 6600 point level, closing at 6623 points. The Australian dollar has come back somewhat throughout todays session, after sliding down into the low 67’s previously, its still way off the start of week position:
Eurostoxx and US futures are steady with traders hoping this stabilisese as we head into the European open, with the S&P500 four hourly futures chart showing price action ready to cross below trailing ATR support as short term momentum rolls over into negative territory:
The economic calendar will focus squarely on the US core inflation print for June tonight.