Chris Becker

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Macro Morning

By Chris Becker  Wall Street was sanguine on Friday night with scratch sessions across the board, as European markets slumped as Euro came back strongly against USD. The ASX200 will have an interesting start to the week with the lack of confidence over the weekend translating to a possible 1% slump at the open that

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Australian dollar drops as RBA talks it down

by Chris Becker The RBA Governor is trying to jawbone the Australian dollar lower in his testimony to Parliament today, stating the cash rate is likely to be 0.25% for five years or more, giving deposit holders around the country a coronary. The dollar is moving slightly lower, with the hourly chart showing a break

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Macro Morning

By Chris Becker  Wall Street stumbled on the stalemate on fiscal stimulus measures from Congress, although the NASDAQ kept going higher, with the most interesting moves on bond markets as the US initial jobless claims improved better than expected. The USD oscillated around the economic reports, finding more strength later in the session but gold

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Daily iron ore price update (scrap imports)

by Chris Becker Spot prices slipped yesterday with the Tianjin price down over 1% while Dalian futures were also volatile in morning trade before recovering alongside other assets in China in the afternoon: Meanwhile, according to Metalminer  China is expected to drive a surge in scrap imports, due to a recent relaxation of scrap import

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Macro Afternoon

by Chris Becker Stock markets are generally have good sessions across Asia with gold moderating from its big correction previously, having not moved since the London fix last night at the $1933USD per ounce level, while silver is poised just below the $26 level, ready to breakout: In mainland China, the Shanghai Composite is toying

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Australian dollar unchanged post jobs numbers

by Chris Becker The latest numberwang aka monthly employment report from the ABS has had little change on the Australian dollar which oscillated around its previous nightly close at the 71.70 providing only scalpers with opportunities around the release: Local stocks however hated the print with the ASX200 dropping nearly 1% at lunchtime: There’s been

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Macro Morning

By Chris Becker  Wall Street is loving – or ignoring – the Democrat’s new VP pick, with all three bourses either making new record highs or an inch away from wiping out all of 2020’s losses and on the road back to former record highs. This is all being led by tech stocks again, with

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Daily iron ore price update (steady as she goes)

by Chris Becker Iron ore spot and future prices rose yesterday, but Dalian exchanges were volatile, falling more than 3% before recovering with a mild loss. Rebar and coking coal were steady as Bank of America lifted its forecasts for iron ore, adding to the chorus of analysts who see rosy futures for the supply

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Macro Afternoon

by Chris Becker Stock markets are having mixed sessions across Asia with gold continuing its big falls from overnight, cracking the $1900USD per ounce level going into the London fix, with silver also crashing through the $24USD per ounce level: In mainland China, the Shanghai Composite was down sharply before the lunch break, almost by

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Macro Morning

By Chris Becker  Tops might be in across share markets as Wall Street leaped to a new before a sharp late reversal sent the risk complex reeling, taking precious metals with it as USD came back to strength. Stronger PPI data saw bond yields rise while continued stalemates over US fiscal measures and falls in

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Biden picks Harris as VP

by Chris Becker The US presidential race heated up overnight with presumptive Democratic nominee ex-Vice President Joe Biden picking Senator Kamala Harris, fulfilling his promise of a female VP choice. More from BBC: A year ago, the California senator had surged to the front of a crowded field of candidates on the back of a

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Daily iron ore price update (Palmer pain)

by Chris Becker Spot iron ore prices leaped over 2% yesterday while 12 month futures were marginally higher as the Singaporean exchanges reopened, the Dalian exchanges and rebar prices slipped as US/China tensions continued to boil over: Meanwhile, the perennial prick, malcontent and literal deadweight Clive Palmer is up to no good again, wielding his

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Macro Afternoon

by Chris Becker Stock markets having rallied across Asia – save for mainland China – with the return of Japanese traders and a still ebullient Wall Street overnight.  Gold is floundering however, pushed well below recent support levels and just hanging on above the $2000USD per ounce level going into the London fix, with silver

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Macro Morning

By Chris Becker  A modest night on risk markets with the NASDAQ slipping again with not much conviction on other stock markets either as the USD strengthened against some of the major currency pairs. Bitcoin made a new yearly high, pipping the $12000 level while silver outshone gold which remains steady after its Friday session

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Daily iron ore price update (steely concern)

by Chris Becker The iron ore complex is having a mixed start to the week due to the Singaporean holiday, with spot prices and 12 month Singapore futures unchanged, while Dalian futures dropped on increased US tensions: Westpac are still moderately bullish with a $100US per tonne forecast, but see a decline down to $87

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Macro Afternoon

by Chris Becker Risk markets are still in divergent mode, not helped by the long weekend here in Asia for Singapore and Japan, with reaction to Trump’s executive orders muted.  Gold has survived its Friday night drop, heading into short term support just above the $2030USD per ounce level today, with silver the one that’s

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Australian dollar bludgeoned as local stocks gain

by Chris Becker The reaction from Friday nights headline US unemployment figures has been modest so far in currency land on the post-weekend open here in Asia, partially due to long weekends for Japan and Singapore. Interestingly, the PBOC has weakened Yuan sharply against USD with its latest on shore fix, bringing it up to

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Macro Morning

By Chris Becker  Another US unemployment print in the midst of the COVID-19 pandemic passes by with big swings again, with the internal picture still looking woeful, yet Wall Street loved it and pushed to new highs, although tech stocks wobbled. Speaking of wobbliness, precious metals started to tumble in the Asian afternoon session after

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Macro Afternoon

by Chris Becker Risk is taking a nosedive going into the afternoon session here in Asia in the wake of Trump’s executive order around another Chinese app, with USD coming back against most of the undollars and stock markets getting very nervous before tonight’s US unemployment print (NFP). Gold has surrounded some ground from its

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Macro Morning

By Chris Becker  Another record high on Wall Street, pushing the risk complex even higher and really starting to diverge from other global stock markets that are doing a better job at discounting risk through the pandemic. No new fiscal measures agreed to by Congress and the White House either, going into tonight’s NFP print,

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Macro Afternoon

by Chris Becker Outside Australia, Asian stock markets are in retreat mode after being mixed yesterday as confidence fades going into tomorrow night’s NFP print, with all risk going into undollars like Yuan, Bitcoin and Yen and of course precious metals. Gold is having another stab at the $2050USD per ounce level with silver again

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Macro Morning

By Chris Becker  Another record high on Wall Street, pushing the risk complex to yet more stretched valuations as gold also makes another daily record high above the $2000USD per ounce level, with silver outshining with a near 5% gain to be above the $27USD per ounce level. Its all about the weakness of USD

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Macro Afternoon

by Chris Becker Asian stock markets are quite mixed going into the tail end of the trading week, with all eyes remaining on the big moves in precious metals with gold maintaining and then pushing well above the $2000USD per ounce level with silver again re-engaging its own little bubble, currently zooming past the $26USD

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Macro Morning

By Chris Becker  Another solid night on Wall Street but it was overshadowed by the breaking of the $2000USD per ounce barrier by gold in a late surge that also took silver above the $26USD per ounce level. Bond markets also reacted strongly with new record low in 2 and 10 year Treasury yields as

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Macro Afternoon

by Chris Becker The trading week finally gathers pace here in Asia with the strong lead on Wall Street converting into broad gains across the risk complex.  Gold is trying to have another go at its previous record high, slipping a few dollars as the four hourly chart exhibits a bearish rising wedge pattern (or

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Macro Morning

By Chris Becker  You can’t beat the optimism out of Wall Street which surged again on tech stocks exuberance, this time on Microsoft taking over TikTok, plus a big beat in US manufacturing conditions. This will lift all boats here in Asia while the USD lifted slightly against the majors, with gold putting in another

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Macro Afternoon

by Chris Becker A very mixed start to the trading week here in Asia with share markets all over the place given the strong lead on Wall Street combined with the inversion of strength in the USD.  Gold is having another go at its previous record high, pushing ever higher as it tries to make