21.03.24 Macro Afternoon
Chris Becker | Mar 21, 2024 18:56
Asian share markets are in a very good mood after absorbing the overnight Federal Reserve meeting that saw the USD slump against the majors and keep equity risk afloat. Australian stocks got out of their funk while the Australian dollar is also looking boisterous despite the recent employment numbers, crossing back above the 65 handle.
Oil prices are pausing their recent breakout as Brent crude remains well above weekly resistance at the $86USD per barrel level while gold has flared right through the $2200USD per ounce level:
Mainland and offshore Chinese share markets are trying to get back on track with the Shanghai Composite closing dead flat while the Hang Seng is up more than 2% at 16909 points. Japanese stock markets were the big movers again with the Nikkei 225 also closing more than 2% higher at 40815 points while the USDJPY pair has bounced back slightly following the overnight mild reversal to be just above the 151 level:
Australian stocks were the laggards again but its all relative as the ASX200 gained more than 1% to close at 7781 points while the Australian dollar is holding on with a small peekaboo above the 66 cent level after its overnight reversal due to the Fed:
S&P and Eurostoxx futures are trying to extend their overnight gains as we head into the London session with the S&P500 four hourly chart showing price action trying to get above the 5300 point level with short term support shoring up:
Get The App
The economic calendar will include some flash PMI prints in Europe but all eyes will now be on the Bank of England (BOE) after last night’s Fed meeting.
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.