MARKET SNAPSHOT –
- SPI200 overnight futures up 4 pts to 6100
- SP500 up 4.65 pts to 2727.72
- NASDAQ down 2.09 pts to 7402.88
- FTSE100 up 23.58 pts to 7724.55
- DAX30 down 21.63 pts to 13001.24
- GOLD futures down $1.60 to $1320.70 an ounce
- COPPER futures up $0.15 to $3110.15 a pound
- OIL futures down $0.66 to $70.70 a barrel
- CRB Index down 0.96 to 203.56
- AUDUSD trading at 0.7543
- EURUSD trading at 1.1943
- GBPUSD trading at 1.3542
- USDJPY trading at 109.3900
A relatively range bound session for the US to close out the week Friday as the DOW closed up 91.64 points or 0.37% while the broader SP500 closed up 0.17% as the Nasdaq lagged and closed down 0.03%. Moderate Inflation has eased fears of a faster pace of rate rises in the US and boosted traders risk appetite. Global Central Banks have all remained cautious on inflation which leaves the US being the only major central bank committed to rate increases. In Europe major Indexes closed out the week on a positive note to achieve their longest weekly winning streak for more than three years on solid corporate earnings activity. The drop in the Euro and Pound have continued to attract investors looking for value.
Cryptocurrencies were beaten down Friday as sellers locked in recent gains. Bitcoin is current trading at $8700 while Ethereum is at $730.80 and Ripple is trading at $0.72987.
The USD was lower for the session as the net short dollar position in the latest week fell to its lowest level in nearly three months as sellers were squeezed out of the market on the recent rise on US bond yields. The EUR, AUD and GBP were all stronger as the USD fell away into the close.
Gold was lower for the session but managed to post a weekly gain as technical traders found buying support. Copper managed to put on minor gains while Oil eased slightly as traders locked in some gains but price remained above the $70 a barrel level on continued prospects of new sanctions on Iran by the US. This comes at a time when global crude oil production is just keeping pace with rising demand.
The ASX200 is is expected to open up only around 5 points as the SPI200 remained range bound during the US session on Friday.
ECONOMIC DATA OUT TODAY (AEST) –
JPY PPI Data 9:50am
JPY Prelim Machine Tool Orders 4pm
USD FOMC Member Mester Speaks 4:45pm
SPI200 INTRADAY LEVELS TO WATCH –