Chris Becker

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Macro Morning

By Chris Becker  A big rise in US employment figures and a subsequent drop in the headline unemployment rate was not enough for stock markets to get through their “wibble” moments, with the NASDAQ leading the way with another fall, and European bourses in lockstep. Oil dropped to a new one month low although copper

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Macro Afternoon

Asian share markets have fallen across the region, but not at the same levels as Wall Street overnight, although the ASX200 is having a go at it. Bitcoin has dropped nearly $2000USD however to a two month low while gold continues to decelerate into weekly support just above the $1936USD per ounce level: In mainland

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Macro Morning

By Chris Becker  Stock markets had a “wibble” moment overnight with the NASDAQ dropping 5% as the major bubble, I mean tech stocks dragged everything back, but nowhere near to reality yet. This move was based entirely on sentiment with economic reports not coming in at any surprising levels, with the ISM non manufacturing print

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Macro Afternoon

Share markets continue to lift across Asia in response to the broad risk on moves overnight with the USD firming against the major currencies, plus Yuan despite a lower fix today by the PBOC. Gold is failing here, about to make a new intraweek low after its rout overnight, with momentum decidedly negative on the

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Macro Morning

By Chris Becker  A big lift in risk sentiment across the board overnight with many equity markets breaking out to new bullish patterns on the back of comments that central bank stimulus will continue for quite sometime yet. Of course Wall Street pushed to new record highs, but it was moves on European and other

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Macro Afternoon

Share markets are lifting across most of Asia, although Chinese bourses are flagging, as Wall Street helped increase risk taking and optimism. Gold remains flat after its pullback overnight, still unable to get back to its former historic and weekly highs above the $2000USD per ounce level, with price decelerating into the $1965USD per ounce

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Macro Morning

By Chris Becker  Wall Street cannot be stopped and was helped along by a very solid ISM manufacturing print, particularly new orders as the Fed stimulus continues to pump up the economy as the presidential election looms. This took the USD slightly higher against the majors, with the latest European CPI print undershooting, while the

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Macro Afternoon

Share markets are steady across most of Asia, with most putting in scratch sessions or minor losses (except the ASX200) in line with a hesitant overnight risk complex – sans the crazy NASDAQ! This looks like changing tonight however, as futures are indicating big jumps ahead for Europe but not the US, so this may

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Macro Morning

By Chris Becker  The NASDAQ was the only stock market that lifted overnight and that was due to nefarious share splits as speculators rushed in, pushing the edifice higher while everyone else looked around and nervously swallowed. China’s potential blocking of the TikTok sale in the US was behind some of the apprehension, with the

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Macro Afternoon

by Chris Becker Outside the ASX200, share markets are rising across Asia with S&P futures looking to put on even more record highs tonight as the USD weakens against everything. Gold jumped higher on the weekend gap open but is moderating going into what will be a thin London session, currently at a new weekly

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Macro Morning

By Chris Becker  The divergence between reality and Wall Street grows ever stronger with equity markets outside Manhattan continuing their sideways or lower moves as valuations get stretched. But the NASDAQ and S&P500 both put in new record highs on Friday night as hope continues to delude traders as the USD slumped to a new

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Macro Afternoon

by Chris Becker Outside the ASX200, share markets are rising across Asia with S&P futures spiking on the back of the Trump nomination speech at the White House where he lied about well, almost everything, but markets hung on to the anti-Chinese comments for some reason. Gold spiked back to its start of week high

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Macro Morning

By Chris Becker  The NASDAQ stumbled overnight, mainly due to Netflix and Facebook finally taking some profit, while Tesla kept zooming higher, but the rest of risk complex is taking a deep breath at the moment as Fed Chair Powell announced different inflation targeting in his speech overnight. This caused some swinging volatility around currencies,

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Macro Afternoon

by Chris Becker Mixed sessions again here in Asia as share markets wait with baited breath for Fed Chair Powell to have a say at the virtual Jackson Hole meeting later today, with European and US futures down a little as the sidelines get crowded. First to gold which was unable to capitalise on last

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Macro Morning

By Chris Becker  The record highs on Wall Street keep coming while European shares overcame their recent hesitation as the US durable goods order came in higher than expected, bolstered by some Federal Reserve officials take on the stock market and economy. The USD was largely unchanged although the Australian dollar zoomed higher on the

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Macro Afternoon

by Chris Becker Asian share markets have been unable to translate the wild ride on Wall Street into anything tangible, instead following the flat European lead. Gold is weakening sharply despite a relatively mixed USD trend, as it breaks below the $1930USD per ounce level at terminal support from last weeks retracement: In mainland China,

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Macro Morning

By Chris Becker  The record highs on Wall Street keep coming while European shares found some hesitation even as the closely watched IFO survey came in strong as the continental recovery seems on track – bar a second wave of COVID-19. USD faltered from its recent streak, sending Yen and Euro higher while oil prices

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Macro Afternoon

by Chris Becker Asian share markets are broadly gaining in line with European and American stocks overnight, with better US/China relations the perceived catalyst. First of all, gold remains relatively steady but weak as it hovers just above the $1930USD per ounce level at terminal support from last weeks retracement: In mainland China, the Shanghai

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Macro Morning

By Chris Becker  More record highs on Wall Street as already discounted positive news about COVID-19 therapeutic treatment was doubled down again, this time across Europe with the much higher USD helping offset domestic currencies. Oil prices broke out due to the double hurricane threat to production in the Gulf of Mexico, while other commodities

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Macro Afternoon

by Chris Becker Asian share markets have seen a modest start to the trading week with mild up sessions almost in line with Wall Street’s lead from Friday night.  Gold remains relatively steady but weak just above the $1930USD per ounce level, as it sits just on terminal support from last weeks retracement: In mainland

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Macro Morning

By Chris Becker  More record highs on Wall Street on Friday night with a slowdown in new COVID-19 cases and better than expected PMIs lifting sentiment across the board although again, European share markets are hesitant at best. This boosted the USD as well, lifting the Dollar Index more than 0.5% with gold falling alongside

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Macro Afternoon

by Chris Becker Asian share markets have had a quasi successful end to the week, but the hesitation in following the razor thin breadth on Wall Street is obvious. Gold remains relatively steady just below the $1950USD per ounce level, as it fails to claw back any of its mid week losses while silver is

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Macro Morning

By Chris Becker  More Americans out of work? Wall Street goes higher. More Americans dying of COVID-19? Wall Street goes higher. Well, to be clear, five stocks on Wall Street go higher – the big tech issues and nothing else. After being down during the session due to the much higher than expected initial jobless

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Macro Afternoon

by Chris Becker Asian share markets are falling sharply across the region today in response to the mild retreat on Wall Street overnight in the wake of the latest FOMC minutes. Gold was unable to claw back any of its losses from last night as it fell back below the key $2000USD per ounce level,

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Macro Morning

By Chris Becker  It was the return of King Dollar overnight as the USD strengthened against all, smacking gold down nearly $80USD per ounce in the process, pulling the Australian dollar and others in the process as Wall Street stumbled. This was mainly due to the release of the latest FOMC minutes that while still

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Macro Afternoon

by Chris Becker Outside China its been a pretty good day for stock markets across Asia today, following through on the advances on Wall Street overnight, with Australian stocks still cheered on as earnings season rolls by. The PBOC fixed Yuan much higher against USD today, sending the onshore trade down to the 6.91 level

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Macro Morning

By Chris Becker  Wall Street was again pushed higher by tech stocks as the NASDAQ nearly up 1%, as the USD fell to a new two year low against almost everything as the risk complex sharpens its concentration into bubble like territory with Treasury yields also down to record lows. Meanwhile European stocks continue to

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Macro Afternoon

by Chris Becker Stock markets are again mixed across Asia, with a failure to make any advances despite Wall Street lifting overnight, although Australian stocks were cheered on as earnings season made a few surprises. Gold is following through on its overnight breakout to almost breach the $2000USD per ounce level again, while silver is

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Macro Morning

By Chris Becker  Wall Street was again pushed higher by tech stocks as the NASDAQ lifted 1%, while European stocks followed meekly in a session lacking any significant news or data events. Bond yields continued to firm however with a weaker USD pushing commodities higher, alongside undollar assets like gold, Bitcoin (above $12000) and the

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Macro Afternoon

by Chris Becker Stock markets are quite mixed across Asia, with Chinese stocks leading the way due to PBOC injections while the rest of the region is slumping from the poor confidence on Wall Street’s close on Friday night. Gold continues to moderate from its big correction last week, still anchored at or around the