27.06.22 Macro Morning
Chris Becker | Jun 27, 2022 09:52
Friday night saw more volatility return to equity markets but it was all the good kind with a possible bottom to all this mess forming after some better talk-talk from Fed Chair Powell during the week. Wall Street gained more than 3% across the board, while the USD pulled back against most of the undollars, holding Yen in check but commodity currencies finally found some life with the Australian dollar bouncing back above the 69 handle. Bond markets saw a slight lift in yields, with 10 Year Treasuries pushed back up to the 3.1% while interest rate futures came back slightly further to only indicate 180 bps in rate rises by the Fed this year – down from well over 200bps a few weeks ago. Commodity prices were mixed again, with oil prices trying to stabilise while gold rose slightly to hold well well below the $1830USD per ounce level.
Looking at share markets in Asia from Friday’s session, where mainland Chinese share markets again accelerated into the close with the Shanghai Composite closing more than 0.8% higher to 3349 points while the Hang Seng Index gained more than 2%, closing at 21719 points. The daily chart was showing price anchored around the high moving average area but not yet pushing through as momentum remained positive but not overbought. Friday’s price action looks like a proper breakout is underway but needs to clear the other false breakout high at the 22000 point level to call it proper:
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