19.03.2024 Macro Afternoon
Chris Becker | Mar 19, 2024 17:15
Asian share markets are in mixed mood as both the BOJ and RBA meetings put some volatility into local currencies as well as stocks, with dovishness sending them both down against USD. Wall Street is looking to start slightly higher after a solid session overnight but traders now await the next FOMC meeting while the Australian dollar is in the doldrums to almost cross below the 65 handle.
Oil prices are continuing their breaking out after the Ukrainian attack on Russian refineries as Brent crude remains well above weekly resistance at the $87USD per barrel level while gold is almost breaking down after its recent gains to fall below the $2160USD per ounce level:
Mainland and offshore Chinese share markets are failing to get back on track with the Shanghai Composite falling in late afternoon trade, down nearly 0.5% while the Hang Seng has lost nearly 1% to be at 16573 points. Japanese stock markets were the biggest movers again due to the BOJ with the Nikkei 225 closing more than 0.5% higher at 39940 points while the USDJPY pair has zoomed up above the 150 level, closing the two week valley:
Australian stocks liked the RBA change with the ASX200 advancing some 0.4% to close at 7703 points while the Australian dollar is now dicing with the 65 handle due to the dovish move at Martin Place:
S&P and Eurostoxx futures are trying to bounceback from their Friday night losses as they head into the London session with the S&P500 four hourly chart showing price action trying to get above the 5200 point level with short term support under threat:
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The economic calendar includes the closely watched German ZEW survey and US housing starts.
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