Asian share markets remain in a bullish mood due to both the very dovish FOMC meeting and the overnight ECB and BOE meetings that are keeping the USD down as Japanese shares finally rebound at the end of the trading week.
Oil prices are trying to recover with help from the weaker USD as Brent crude almost lifts to the $77USD per barrel level while gold is holding on to its recent big gains above the $2030USD per ounce level:
Mainland Chinese share markets are again barely ticking over with the Shanghai Composite still below the 3000 point barrier at 2957 points while in Hong Kong the Hang Seng Index has bounced back with again with a 2% gain so far, currently at 16765 points. Japanese stock markets are finally breaking higher despite the increased value in Yen with the Nikkei 225 finishing 0.9% to 32989 points while the USDJPY pair is still consolidating to hold below the 142 level:
Australian stocks were able to keep climbing with the ASX200 lifting well above the 7400 point level to close 0.8% higher at 7442 points while the Australian dollar peaked a little bit above the 67 cent level but didn’t exceed the recent post FOMC meeting high:
S&P and Eurostoxx futures are holding steady going into the London open as the S&P500 four hourly chart shows a retracement back to its recent trendline following the reaction to the dovish Fed meeting. The 4600 point level is likely to become the new support level having played as resistance for so long as part of a horizontal continuation pattern that is now truly broken:
The economic calendar ends the trading week with a series of manufacturing and services flash PMI surveys across Europe and the US.