Risk markets are still running on hopium as US officials admit there’s no talking going on whatsoever with China (who are having a week long holiday anyway – call back later Donny!) while the Bank of Japan held fire in today’s meeting which sent Yen selling off and stocks lifting higher. The latest trade data shows Australia actually boosted exports to the US despite the lift in tariffs whilt the Australian dollar is trying hard but failed to get back above the 64 cent level this afternoon as trader’s prepare for tomorrow night’s US jobs number.
Oil markets are failing to stabilise with Brent crude now sliding below the $61USD per barrel level while gold is failing to fight back as it slips below the $3300USD per ounce level this afternoon:
Mainland and offshore Chinese share markets are closed for the May day holidays while Japanese stock markets are up strongly on the BOJ hold with the Nikkei 225 lifting more than 1% higher to 36452 points while trading in the USDPY pair has been similarly positive as it launches back above the 144 level:
Australian stocks have managed a steady session with the ASX200 up just 0.2% at 8145 points while the Australian dollar is holding just below the 64 handle as it thinks about another small breakout before this weekend’s election:
S&P and Eurostoxx futures are sliding back a little going into the London session with the S&P500 four hourly chart showing a potential to breakout again at the 5600 point level:
The economic calendar includes the latest US manufacturing PMI survey plus the weekly initial jobless claims before tomorrow night’s NFP.