03.06.22 Macro Morning
Chris Becker | Jun 03, 2022 10:15
Wall Street rebounded and the USD fell back on the latest employment reports from the US before tonight’s official unemployment NFP print, with the possible indication of a pause or slowdown in rate rises burgeoning risk taking. Some Fed officials and the interest rate markets don’t believe as much though with the 10 Year Treasury yield still high at the 2.9% level. Euro came back solidly as did the Australian dollar which almost hit the 73 cent level. Commodity prices were the most bullish with oil prices putting in new weekly highs as Brent races back towards the $120USD per barrel level while copper zoomed 5% higher and gold lifted more than 2% to get above the $1850USD per ounce level.
Looking at share markets in Asia from yesterday’s session, where mainland Chinese share markets started off poorly but gradually made ground throughout the session with the Shanghai Composite closing some 0.4% higher at 3196 points while the Hang Seng Index was unable to hold on to its recent gains, down 1% to 21082 points. The daily chart is showing price wanting to get above trailing daily ATR resistance at the 21000 point level but failing to turn this into a sustainable trend. Daily momentum is still overbought but not translating into greater highs:
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