21.06.22 Macro Morning
Chris Becker | Jun 21, 2022 09:36
Last night saw an absence of volatility on risk markets due to the lack of economic events and Wall Street being closed for a long weekend. Stock market futures look good for a solid bounce across Asia this morning with further stability in the bond market helping. In currency land, the lack of volume saw a slight pushback against USD with Euro stabilising before slipping back down to its Friday starting point, while the Australian dollar remains under a lot of stress as the 70 handle remains a distant memory. Bond markets saw slight gains in yields, with interest rate futures still firming up to another 200 bps in rate rises by the Fed this year. Commodity prices fell back again, although oil prices stabilised later in the session as the iron ore complex continues to fall sharply, gold and copper both fell again alongside other industrials.
Looking at share markets in Asia from yesterday’s session, where Chinese share markets were steady with the Shanghai Composite basically unchanged at 3315 points while the Hang Seng Index put on some runs to be up 0.4%, closing at 21163 points. Despite this bounce, the daily chart is showing price anchored at trailing daily ATR support at the 20500 point level with daily momentum barely positive. Its still a fair way from the May lows at the 19000 point level, but watch for any break below the 20000 point level here very closely:
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