02.11.23 Macro Afternoon
Chris Becker | Nov 02, 2023 18:31
A sea of green across Asian share markets this time as risk markets continued their bounceback overnight in the wake of the hold at the latest FOMC meeting while the USD has pulled back against most of the major currency pairs amid weaker than expected ISM manufacturing data.
Oil prices have stabilised a little following their recent reversal, with Brent crude consolidating around the $85USD per barrel level while gold is also steady, currently just above the $1980USD per ounce level:
Mainland Chinese share markets lifted higher initially but the Shanghai Composite has closed in the red, down 0.3% at 3015 points while in Hong Kong the Hang Seng Index has bounced back after its previous scratch session to close 0.8% higher at 17237 points. Japanese stock markets continue their run higher with the Nikkei 225 closing more than 1.1% higher at 31949 points. Trading in the USDJPY pair is seeing a small pullback from the mighty surge overnight, but still above the 151 level:
Australian stocks were one of the best performers with the ASX200 up nearly 1% at 6899 points, yet still well below former support at 7000 points while the Australian dollar has oscillated around its overnight low, threatening the 63 cent level:
S&P and Eurostoxx futures are steady going into the London open as the S&P500 four hourly chart shows support trying to shore up at the 4200 point level as short term momentum remains well overbought:
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The economic calendar includes German unemployment, the BOE interest rate meeting and US initial weekly joblesss claims.
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