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21.05.24 Macro Afternoon

Published 21/05/2024, 05:46 pm
USD/JPY
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XAU/USD
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HK50
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Market volatility is now moving the other way with all Asian stock markets in the red in today’s session, with European and Wall Street futures also down as the USD strengthens slightly. The Australian dollar didn’t like today’s RBA minutes and has almost retraced below the 66 cent level.

Oil prices are giving up their recent gains with Brent crude almost retracing below the $83USD per barrel level while gold is steadying after hitting a new record high to stabilise just above short term support at the $2420USD per ounce level this afternoon:

 
XAU/USD

Mainland Chinese share markets started lower and stayed there as they go into the close with the Shanghai Composite off by more than 0.5% while the Hang Seng Index has slumped more than 2% lower to 19197 points. Meanwhile Japanese stock markets are also slipping with the Nikkei 225 closing some 0.3% lower to 38946 points with the USDJPY pair still recovering from its recent reversal as it climbs above the 156 level:

USD/JPY

Australian stocks did the best out of all, with the ASX200 falling about 0.1% to 7851 points while the Australian dollar is now retracing down to the mid 66 cent level:

AUD/USD

S&P and Eurostoxx futures are dipping into negative territory as we head into the London session with the S&P500 four hourly chart showing price action stalled out above the 5300 point level:

The economic calendar ramps up with a lot of Fedspeak tonight, starting with former Fed Chair Yellen.

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