Asian stock markets are generally broader as we start a new trading week absent Chinese markets which will be closed. Friday night saw Wall Street bounceback on Fedspeak and heightened anticipation that the Fed will finally stop hiking rates. Currency markets have gapped higher against King Dollar with Euro bursting up towards the 1.09 handle while the Australian dollar is trying to get back above the 70 cent level. Meanwhile oil prices are edging slightly higher with Brent crude just above the $87USD per barrel level as it made a new weekly high while gold is hovering just below the $1930USD per ounce level:
Mainland and offshore Chinese share markets are closed for Lunar New Year holidays this week. Japanese stock markets are lifting higher with the Nikkei 225 closing up 1.3% to 26904 points with the USDJPY pair gapping down slightly and remaining somewhat depressed just below the 130 handle after its failed breakout on Friday:
Australian stocks were the ones to tread water however, despite a great start, as the ASX200 finished dead flat 7457 points. The Australian dollar was able to gap higher on USD weakness, almost climbing through the 70 cent level but still in a stalemate week to week:
Eurostoxx and US futures are drifting higher as the S&P500 four hourly chart shows price action wanting to get back above the psychologically important 4000 point zone after its big surge on Friday night. Short term momentum is now back to positive readings but not yet overbought with resistance overhead hampering upside potential:
The economic calendar is very quiet tonight with some tertiary consumer confidence numbers from the US and the usual Treasury auctions.