Asian stocks are bouncing back alongside Wall Street’s overnight rally, despite the backdrop of an expected very bearish Federal Reserve as the Jackson Hole conference gets underway. The USD is clawing back lost ground against Euro and Pound Sterling with the former still below parity. Meanwhile oil prices are moving sideways with Brent just above the $100USD per barrel level while gold is also trying to solidify its new weekly high here above the $1750USD per ounce level that is gaining traction:

Mainland Chinese share markets started strong and built some gains but are losing ground towards the closing session, with the Shanghai Composite about to close 0.2% lower at 3238 points while the Hang Seng Index is still pushing higher, up 0.5% to get back above the 20,000 point level at 20072 points. Japanese stock markets are also lifting with the Nikkei 225 closing nearly 0.6% higher but still below the key 29000 point level at 28636 points. Meanwhile the USDJPY pair remains overextended and in a pause mode as it holds just above short term support at the mid 136 level:

Australian stocks finished the week in a buying mood with the ASX200 closing more than 0.7% higher, finishing above the 7100 point level at 7104 . The Australian dollar had a slight retracement after its recent comeback with a new daily high, now back to the mid 69 cent level against USD:

Eurostoxx and US futures are listless as we head into the London session, with the S&P500 four hourly futures chart showing price action wanting to get out of its steep retracement below trailing ATR support, but it may struggle to get back to the 4200 level from here:

The economic calendar finishes the trading week with German consumer confidence and the latest US core personal expenditure readings, but everyone will hang off the words of Fed Chair Powell tonight in Jackson Hole.

If you’re up on the Sunshine Coast on Sunday, I’m helping out a fundraiser for Ukrainian refugees. It’s at the Mapleton State School, from 9am to 4pm, gold coin entry.

Heaps of raffles, prizes, live music, food, plants, produce and other items for sale for donations to UNHCR. 

See more details here: https://mapleltonukraine.com/