07.03.24 Macro Afternoon
Chris Becker | Mar 07, 2024 18:40
Asian share markets are putting in mixed sessions today despite the strong response overnight on Wall Street with the USD falling amid lower bond yields. Hawkish comments from the BOJ haven’t helped steady nerves in Japan with Yen soaring higher while the Australian dollar is also on a tear, having recovered the post GDP print reaction.
Oil prices are trying to claw back recent losses but Brent crude is stalled just above the $82USD per barrel level while gold is extending its recent gains to almost cross the $2060USD per ounce level as it obliterates any resistance:
Mainland and offshore Chinese share markets are again bifurcating in risk with the Shanghai Composite down 0.2% while the Hang Seng has dropped than 0.5% lower to 16361 points. Japanese stock markets were the worst off with the Nikkei 225 closing nearly 1% lower at 39720 points while the USDJPY pair has collapsed right through the 149 level:
Australian stocks were the odd ones out as the only market to lift higher with the ASX200 gaining some 0.3% closing at 7761 points while the Australian dollar has continued its sharp rebound this afternoon, almost extending up to the 66 cent level:
S&P and Eurostoxx futures are steady but lacking confidence again as we go into the London session with the S&P500 four hourly chart showing price action holding at the 5100 point level:
Get The App
The economic calendar includes the latest ECB interest rate meeting and US initial weekly jobless claims.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.