The release of slightly higher than expected initial jobless claims overnight saw risk markets bounce back and the USD down, with the former continuing here in Asia as another trading week concludes. The USD remains relatively weak against most of the majors with Euro and Pound Sterling holding on to their respective gains while Yen is stagnant despite rising speculation of a more hawkish BOJ. The Australian dollar is also holding just above the 66 cent level but has given up some gains this afternoon.
Oil prices are trying to stabilise after their recent sharp falls with Brent crude holding just above the $84USD per barrel level while gold is now above its April highs after last night’s breakout on the weaker USD, currently at the $2350USD per ounce level this afternoon:
Mainland Chinese share markets are seeing a small lift with the Shanghai Composite up more than 0.2% while the Hang Seng Index is having a super strong session, currently up more than 2% at 18973 points. Meanwhile Japanese stock markets were able to make some small gains with the Nikkei 225 up more than 0.2% at 38150 points with the USDJPY pair still pausing here above the 155 level:
Australian stocks had better returns than most with the ASX200 closing 0.5% higher at 7751 points while the Australian dollar is just holding above the 66 cent level, unable to breach the early May high:
S&P and Eurostoxx futures are rising as we head into the London session with the S&P500 four hourly chart showing price action wanting to extend its breakout above the 5200 point level:
The economic calendar ends the trading week with the latest UK GDP figures, then US consumer sentiment survey.