22.06.22 Macro Morning
Chris Becker | Jun 22, 2022 10:18
Upside volatility returned to risk markets overnight as Wall Street returned after a long weekend, with the major bourses all up more than 2%, as they play catchup to the relatively positive moves in other stock markets at the start of the trading week. In currency land, USD saw a slight pushback but mainly against Euro as Yen weakened substantially and the Australian dollar remains under the 70 handle without any change. Bond markets saw slight gains in yields, with 10 Year Treasuries up to 3.3% while interest rate futures are 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 gold again slipped well below the $1850USD per ounce level.
Looking at share markets in Asia from yesterday’s session, where Chinese share markets were mixed with the Shanghai Composite slipping some 0.2% to close at 3307 points while the Hang Seng Index has launched much higher, up nearly 2% to close at 21559 points. The daily chart was showing price anchored at trailing daily ATR support at the 20500 point level with daily momentum barely positive before this bounce, with a much more positive potential move setting up here now. Price action is still a fair way from the May lows at the 19000 point level, but the overall market remains well contained:
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