A bit of BOJ intervention has seen epic volatility in Yen today following the spike from last week’s meeting while stocks across the region have all moved higher in line with Wall Street’s rally on Friday night. The Australian dollar continued it lift higher, almost hitting the 66 cent level in afternoon trade.
Oil prices are likely to gap down after the weekend with Brent crude around the $87USD per barrel level while gold is still struggling to recover from its recent rough retracement, finishing just above the $2340USD per ounce level this afternoon:
Mainland and offshore Chinese share markets are heading in the same direction with the Shanghai Composite up more than 0.7% to remain above the 3100 point level while the Hang Seng Index has lifted nearly 0.9% going into the close at 17814 points. Japanese stock markets were closed for a holiday while the USDJPY pair briefly touched the 160 level before smacked back to a more realistic level:
Australian stocks played catchup from their Friday session slump with the ASX200 finishing more than 0.8% higher at 7637 points while the Australian dollar is lifting further above the mid 65 cent level late in afternoon trade to fill all of last week’s dour move lower:
S&P and Eurostoxx futures are up at least 0.5% this afternoon as we head into the London session with the S&P500 four hourly chart showing price action getting out its small correction, possibly finding a bottom here at the 5000 point zone:
The economic calendar is relatively quiet, although more earnings will come out on Wall Street, with German inflation the one print to watch tonight.