06.06.22 Macro Morning
Chris Becker | Jun 06, 2022 10:00
Friday night saw the release of the latest US non-farm payroll aka monthly unemployment print, which came in slightly stronger than expected and keeps the foot on the Federal Reserve’s rate rise accelerator. This spooked stock markets somewhat with Wall Street falling, putting in a new weekly low in the process, so expect hesitation to dominate as the trading week reopens here in Asia. Commodity prices were again the most bullish with oil prices putting in new weekly highs as Brent broke through the $120USD per barrel level while copper zoomed 5% higher although gold inverted to finish the week right on the $1850USD per ounce level.
Looking at share markets in Asia from Friday’s session, where mainland and offshore Chinese share markets were closed due to a trading holiday. The Shanghai Composite closed the week out just below the 3200 point level while the Hang Seng Index was unable to hold on to its recent gains, finishing just above the 21000 point level. The daily chart is showing price wanting to get back above trailing daily ATR resistance at the 21000 point level but so far, failing to turn this into a sustainable trend. Daily momentum is still overbought but not translating into greater highs:
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