A mixed session on Asian stock markets following the shaky start to the trading week on Wall Street overnight as risk markets continue to second guess the Fed’s rate rise agenda in 2023. The USD hasn’t move strongly against any of the majors but they in turn are not moving higher with the Australian dollar still holding just above the 69 handle. Meanwhile oil prices are trying to recover after falling sharply last week with Brent crude just above the $79USD per barrel level while gold is holding strong here above the $1870USD per ounce level, holding on to a new monthly high:
Mainland Chinese share markets are drifting sideways going into the close with the Shanghai Composite down nearly 0.2% to remain above the 3100 point level, currently at 3172 points while the Hang Seng Index is doing the same, down 0.2% to remain above the 21000 point level. Japanese stock markets have reopened with the Nikkei 225 lifting more than 0.7% to close at 26170 points with the USDJPY pair remaining thinly traded but with a bearish bias, pushed down to just above trailing ATR support on the four hourly chart:
Australian stocks have pulled back slightly, with the ASX200 closing nearly 0.3% lower to close at 7131 points. The Australian dollar is just holding above the 69 cent level to remain above the weekly trend channel and looking somewhat overextended:
Eurostoxx and US futures are drifting sideways with the S&P500 four hourly chart showing price action still holding above the 3900 points level after last night’s brake inducing scratch session. The upper downtrend line has been broken here but the 4000 point level is the one to beat:
The economic calendar is packed mainly with central banker speeches and not much else.