Asian share markets are trading higher again with correlated risk markets all rising as the USD stumbles despite growing macro concerns in the Middle East. The Australian dollar stabilised at the 64 cent level, running out of steam in the post-NFP uptrend while Eurostoxx futures are down 0.5% after a big rise overnight as traders wait for tonight’s US PPI print.
Oil prices are slightly higher but not showing much life, with Brent crude consolidating at the $88USD per barrel level while gold is also unchanged throughout the session, currently trading just below the $1860USD per ounce level:
Mainland Chinese share markets are finally putting in a positive session, albeit just as the Shanghai Composite finishes 0.1% higher at 3078 points while in Hong Kong the Hang Seng Index has followed through on its bounceback to lift some 1.4% to 17924 points. Japanese stock markets also did well with the Nikkei 225 closing 0.6% higher at 31936 points. Trading in the USDJPY was mixed with a modest gain towards the 149 level:
Australian stocks were also quite positive again with the ASX200 closing some 0.7% higher at 7088 points while the Australian dollar slipped back to the 64 cent level as it meets meeting resistance with momentum moderating in the short term below the recent weekly high at the 65 cent level:
S&P and Eurostoxx futures are holding on to their gains as the S&P500 four hourly chart shows consolidation above the previous weekly high at the 4370 point level, keeping well above the Friday night close but losing some short term momentum:
The economic calendar includes the US September PPI index plus the release of the latest FOMC minutes.