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16.05.24 Macro Afternoon

Published 16/05/2024, 05:31 pm
USD/JPY
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XAU/USD
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JP225
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HK50
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GC
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LCO
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SSEC
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A strong session across most Asian stock markets due to the record highs on Wall Street overnight in the wake of a softer than expected US CPI print. The USD is falling against the majors with the latest soft unemployment print locally helping the Australian dollar somewhat although it has lost some ground to fall below the 67 cent level.

Oil prices are finding a little bit more upside momentum after their recent sharp falls with Brent crude up above the $83USD per barrel level while gold was able to continue its overnight rebound to clear the $2390USD per ounce level this afternoon:

 
XAU/USD

Mainland Chinese share markets were doing well but are sliding back going into the close with the Shanghai Composite up just 0.2% while the Hang Seng Index is launching higher again, up more than 1.7% to 19073 points. Meanwhile Japanese stock markets are putting in a strong session again with the Nikkei 225 up more than 1% to 38920 points with the USDJPY pair trying to recover from its overnight reversal as it struggles to stay above the 154 level:

USD/JPY

Australian stocks are nearly the best performers across the region with the ASX200 up nearly 1.7% to 7881 points while the Australian dollar slipped back below the 67 cent level on the soft unemployment print:

AUD/USD

S&P and Eurostoxx futures are holding on to their overnight gains as we head into the London session with the S&P500 four hourly chart showing price action wanting to keep pushing above the 5300 point level:

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