Asian share markets are snapping back after rallying most of the week with the USD pushing higher after making gains against most of the undollars overnight as the Trump regime indicates it probably won’t fire Fed Chair Powell. Maybe. Japanese inflation numbers were as expected but still too high above the BOJ target sending Yen higher while the Australian dollar continues its short term retreat below the 66 cent level.
Oil markets are steady with Brent crude stalled at the $69USD per barrel level while gold is failing to get back on track after been pushed below the $3400USD per ounce level, now making a new low for the week at $3360USD per ounce:
Mainland Chinese share markets have sold off from the open with the Shanghai Composite down 0.3% so far while the Hang Seng Index is off by more than 1% but is staying just above the 25000 point level. Japanese stock markets are also in retreat with the Nikkei 225 pushed 0.6% lower at 41561 points while the USDPY pair is heading higher after rebounding above the 146 level:
Australian stocks are losing ground again with the ASX200 about to close 0.5% lower at 8667 points while the Australian dollar is also on the downside as it rolls over from its recent but brief monthly high at the 66 cent level against USD:
S&P and Eurostoxx futures are holding on to their overnight gains going into the London session with the S&P500 four hourly chart showing the market now climbing to new record highs after breaking through the 6300 point level but somewhat overbought:
The economic calendar finishes the trading week with the closely watched German IFO survey, then US durable goods orders for June.