See the latest Australian dollar analysis here:
Asian stocks have engaged slightly higher as the lack of bad news begets good returns until this weeks FOMC meeting at least. Chinese stocks and their satellite Australian counterparts are doing well with the Australian dollar about to make another new weekly high, but still just shy of the 70 level. Oil prices are pushing higher with Brent crude breaking through the $100USD per barrel level, while gold hasn’t really moved after its big short covering rally from Friday night, hovering here at the $1724USD per ounce level:
Mainland Chinese share markets have had a very solid session with the Shanghai Composite closing up 0.8% to 3277 points while the Hang Seng Index is having a strong reversal, up more than 1.8% to close at 20933 points. Japanese stock markets are the odd ones out, with the Nikkei 225 down 0.2% to 27655 points as the USDJPY pair stays flat on the deck from its fall on Friday night creating a Yen headwind:
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Australian stocks had a minor lift with the ASX200 closing 0.2% higher to finally cross back above the 6800 point level, finishing at 6807 points. The Australian dollar continued its lift above the 69 handle after rejecting the 70 level on Friday night, now pushing for a new weekly high as well:
Eurostoxx and US futures are flat as we head into the European open, with the S&P500 four hourly futures chart showing price action still unable to breakthrough the 4000 point level as this nascent rally rolls over but at least stays above the previous weeks’ high:
The economic calendar is relatively quiet at first but then ramps up with the latest US consumer confidence print.