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ASX200 Afternoon Report June 28th 2022
The ASX200 is on track to lock in a fourth straight day of gains, trading 36 points higher at 6742 at 3.00 pm Sydney time.
Asian Open: Jerome Powell reconfirmed, Russia threatens Finland
More of the same with the Fed as Jerome Powell is confirmed for a second term. The yen rallied on geopolitical concerns as Russia threatened Finland over joining NATO.
Asian Open: US CPI didn’t provide the clear outcome traders hoped for
There was a lot of expectation that CPI would soften enough to provide confidence that inflation had peaked. Those expectations were not fulfilled.
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Asian Open: USD holds firm ahead of CPI, ASX set to mean revert?
There comes a point where bears overplay their hand. And yesterday’s rebound above 7,000 following a strong move lower on the ASX suggests they may be losing their grip.
Asian Open: Brace yourselves, it’s another sea of red on Wall Street
Investors continued to adopt simple strategy of ‘if it moves, sell it’ overnight, seeing equities bonds and commodities move broadly lower.
Asian Open: The ASX 200 rolls over from its 200-day average
The ASX 200 starts the week on the back foot following its worst session in 10-weeks on Friday, which saw it roll over from its 200-day MA and break trend support.
Asian Open: Keep an eye on AUD/JPY with sentiment on the back ropes
It was a volatile session for investors overnight which saw US indices trade sharply lower, with AUD/JPY showing the potential for a swing high.
Asian Open: 1880 could be pivotal for gold
Markets are hesitant to break key levels with the FOMC meeting fast approaching, yet gold has presented a clear line in the sand for opportunities over the near-term.
Asian Open: Tech stocks leads Wall Street lower, Gold reclaims 1900
The Nasdaq fell nearly -4% yesterday during its worst session since September 2020, yet gold held key support and reclaimed the 1900 handle (just).
Asian Open: Dollar index hits 25-month high, gold below 1900
It was another rough day for commodities and commodity currencies which buckled under the pressure of a strong dollar, due to global growth concerns and a hawkish Fed.
Asian Open: Wall Street stumbles as Powel confirms 50bps Fed hike in May
The Fed Chair himself, Jerome Powell, has finally confirmed what markets were supposedly expecting anyway with a 50-bps hike.
Asian Open: Eye-watering CPI data for Canada raises odds of a 75-100 bps hike
Canada’s inflation metrics rise across the board and beat estimates by a wide enough margin to increase the odds of some serious hiking by the BOC in June.
Asian Open: IMF slash global growth forecasts, gold enters correction
Citing Western sanction on Russia and ‘higher for longer inflation”, the IMF cut global growth by -0.8 percentage points for 2022.
Asian Open: The Fed’s Bullard calls for rates to be at 3.5% by year end
The US dollar was broadly higher overnight as the Fed’s Bullard laid out a path for 50-bos hikes at each remaining Fed meeting this year.
Asian Open: Inflation measures and commodities continue to soar
Whichever metrics of inflation we look at, it is hard to argue there isn’t more inflation set to come our way whilst commodities continue to rally.
Asian Open: Whether inflation has peaked is a hot debate
A quick look through the data suggests inflation may not have peaked. But even if it has, we suspect it will be a long and gradual decline.
Asian Open: Tech stocks lead Wall Street lower, 4-day rally on EUR/AUD
Pending inflation data for the US weighed on Wall Street overnight, seeing technology stocks lead the broader market lower.
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Asian Open: US dollar rises for a sixth day, potential bull flag on GBP/AUD
It’s been a decent week for the dollar, but there is the potential for mean reversion as we head towards the weekend with 100 resistance looming.
Asian Open: Dollar hits near 2-year high post Fed, WTI breaks lower
The FOMC minutes reiterated the Fed’s extremely hawkish stance which saw the US dollar dominate the session.
Asian Open: Fed members continue to beat the hawkish drum
Markets responded to traditional drivers yesterday following a hawkish RBA meeting and strong wording from Fed members, sending the dollar and yields highs and equities lower.
Asian Open: AUD/USD probes the October higher ahead of RBA
Whether RBA will surprise us with a vaguely interesting meeting today or not is yet to be seen, but the fact that the Aussie sits at a pivotal level should be noted.
Asian Open: Germany reconsider Russian oil embargo
Germany’s defence minister called for fresh discussions with the EU on banning Russian gas imports.
Asian Open: Wall Street breaks 4-day winning streak, gold bugs return
Wall Street was lower overnight a mixture of softer economic data and the realisation that peace talks were not living up to expectations.