Asian stocks are trying to catch a breath as they head into the end of the trading week, mindful of tonight’s all too important US unemployment print as the USD remains super strong against everything. Euro has failed to get back above parity, while the Australian dollar remains depressed below the 68 cent level. Meanwhile oil prices are holding on to their overnight losses with Brent just above the $94USD per barrel level while gold is possibly finding a short term bottom here at just above the $1700USD per ounce level but it may only be temporary:
Mainland Chinese share markets are again treading water with the Shanghai Composite holding at 3187 points while the Hang Seng Index slumped 1% lower, currently at 19390 points as it fails to get back above the 20,000 point level again. Japanese stock markets are trying to stabilise with the Nikkei 225 closing with a scratch session at 27650 points while the USDJPY pair remains overextended as it hovers above the 140 level:
Australian stocks continued to fall, albeit at a milder pace, with the ASX200 closing just 0.2% lower at 6828 points. The Australian dollar remains depressed under the 68 handle but almost no movement throughout the session, still under a lot of pressure here:
Eurostoxx and US futures are trying to stabilise as we head into the London session, with the S&P500 four hourly futures chart showing price action still stuck below the 4000 point level despite the mild lift on Wall Street overnight. The four hourly chart shows momentum getting out of its oversold position, but still quite negative as overhead resistance firms here:
The economic calendar finishes the week with the big one of the month – US non farm payrolls – aka – US unemployment for August.