Australian Dollar

Stimulus and vaccine hopes are overriding concerns of more market regulation from a Democrat-controlled Congress, as Wall Street surged to big new record highs overnight, overshadowing the political turmoil seen in the Capitol yesterday.

A strange day for geo-politics as the US goes bananas – literally – which hasn’t upset risk markets as the certainty around a Biden administration becomes pretty clear.

Markets are plain ignoring the political chaos in the US, with the local stock market up nearly 2% and S&P futures up 0.6% as Congress re-convenes.Bitcoin continues its unsustainable but wondrous to behold move higher, hitting the $37000 level overnight and slightly below that level going into the afternoon session.

Wall Street continued to surge overnight despite the chaos on Capitol Hill with only the NASDAQ pulling back with European stocks outperforming.

Another mixed day of trading in Asia with most stock markets declining or putting in minor scratch sessions as Wall Street futures pulled back in the wake of a probable Democrat victory in the special Georgian elections that will decide the fate of the Senate.

Not much happening in currency land today as risk markets (aka the bots) remain closely tied to the outcome of the Georgia special elections in the US that will decide the fate of the Senate, and hence President-elect Biden’s legislative agenda.

Wall Street refound its lost confidence overnight as the Georgian senate races got underway as a selloff in Treasuries – sending 10 year yields nearer the 1% magical level – embiggened stock bidding, lifting the S&P500 to a new high.

Another mixed day of trading in Asia with most stock markets putting in scratch sessions as confidence was lost on Wall Street overnight.

There’s been big moves – outside of Bitcoin – in currency land today with the PBOC putting a big kick under the Yuan, strengthening it significantly against USD, moving the fix over 600 pips in a single day!

It was all set to be a clear path into 2021 with Asian and European stock markets doing well, as Wall Street lost confidence overnight in the wake of the UK virus lockdown and uncertainty around the US election (both presidential and upcoming Georgian senate races).

You can’t keep the crypto craze down!

A quiet last day of trading before the Christmas break here in Asia with some mild raises across stock markets and low volatility in currency land.

We’re getting to the end of the trading year and performance comparisons of different asset classes since January 1st are being pumped out left right and center.

Action on risk markets overnight was relatively mild as Trump’s dumping of the Congress stimulus package was absorbed with aplomb by stocks, with rumors that the Brexit deal is almost sealed helping lift European stocks.

Asian stocks are regaining after their stumble yesterday, and despite the threatened veto by almost-former President Trump to stop the just-passed US stimulus package, S&P futures are on the mend as risk markets re-balance from that catalyst.

A mixed night on risk markets as the Asian close presaged downside volatility that didn’t eventuate on European markets, but kept Wall Street on edge with only tech stocks on the NASDAQ advancing as the latest US stimulus package didn’t do much to lift confidence.

Asian stocks are in full flight as the selling gains traction following the fallout from the UK lockout and the European lockdowns as the Congress stimulus package (let them eat cake basically) underwhelms.

Big round trip’s in prices across many risk markets overnight due to concerns over a new strain of COVID-19, leading to a leap in volatility that is sure to continue here in Asia.

Asian stocks are struggling to gain traction at the start of what is likely to be a low volume trading, following the less than stellar performance on Wall Street on Friday and the weekend news of more economic lockdowns across Europe.

Risk sentiment faded on Friday night across both sides of the Atlantic as European measures to contain COVID ramped up, putting pressure on their respective economies, while the lack of any measures in the US is sending the death toll higher and higher, as Congress does 2/5ths of SFA to engage meaningful stimulus.

No charts today.