28.03.24 Macro Afternoon
Chris Becker | Mar 28, 2024 18:52
Asian share markets are still in mixed conditions without any large economic catalysts and some lower volumes going into the Easter break. Last night’s solid lead from Wall Street has helped local stocks as the USD and bond yields continue their see-saw inversion. The still relatively high USD continues to weigh on the Australian dollar which remains depressed just above the 65 handle.
Oil prices are trying to get back to their recent breakout highs but while Brent crude remains well above weekly resistance, its struggling to get past the $86USD per barrel level while gold continues to regain strength to move up to the $2190 level:
Mainland and offshore Chinese share markets are trying again to make a comeback with the Shanghai Composite lifting up through the 3000 point level while the Hang Seng has taken back the previous losses, currently up 1.4% at 16621 points. Japanese stock markets have gone the other way however, with the Nikkei 225 closing 1.3% lower at 40168 points while the USDJPY pair continues to hold steady above the 151 level:
Australian stocks were some of the best performers with the ASX200 closing nearly 1% higher at 7896 points while the Australian dollar is just holding on above the 65 cent level after last week’s volatility:
S&P and Eurostoxx futures are trying to get back to their Friday night highs as we head into the London session with the S&P500 four hourly chart showing price action pushing back up above the 5300 point level with short term support still not yet under threat:
Get The App
The economic calendar gets a bit busier tonight with UK GDP, German unemployment and US consumer sentiment.
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.