The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT (7:45am AEDT)

  • SPI200 (Mar) overnight futures down 2 pts to 6050
  • SP500 closed
  • NASDAQ closed
  • Dow Jones closed
  • FTSE100 down 17.21 pts to 7219.47
  • DAX30 down 0.60 pts to 11,299.20
  • GOLD futures US Session (April) up $7.60 to $1329.70 an ounce
  • COPPER futures US Session (Comex March) up $0.037 to $2.836 a pound
  • OIL futures US Session (Nymex March) up $0.47 to $56.06 a barrel
  • CRB Index closed
  • AUDUSD trading at 0.7130
  • EURUSD trading at 1.1313
  • GBPUSD trading at 1.2929
  • USDJPY trading at 110.5900

The US share indexes were close for Presidents day holiday overnight. Traders are still awaiting further news on China/US trade after the two powerhouses had reached a deal in principle on some key issues according to Chinese press. Investors still have concerns over the US’s dissatisfaction over Chinese technology which may weigh on further negotiations. In Europe, Indexes consolidated recent gains as traders hold out hopes for a trade war deal with talks to continue this week in Washington.

The USD edged sideways as the US markets were closed down for the long weekend. The EUR initially found strength during the Asian and European session but was sold lower along with the AUD in relatively quiet trade after the close of the European session and then both consolidated the lows for the remainder of the night. The GBP also found strength through Asian and European trade although did not see the same selling pressure after the European session and found itself stuck in a narrow range on lower trading volumes. It was supported after a government minister commented that the UK government might be able to re-negotiate the deal with the EU or delay Brexit. The USDJPY essentially went sideways in a narrow range overnight.

Gold took the opportunity in a quiet market to rally through the European session and consolidate around the highs from Late Jan early Feb. Oil had a relatively choppy session but managed to finish above the 56.00 level after recent OPEC led supply cuts and a better than expected cut from Saudi Arabia. Copper had a good night as price rallied through the European on hopes that a trade deal is just around the corner.

Cryptocurrencies had a strong night to rally across the board. Bitcoin is currently trading at $3887.7 up 6.91% while Ethereum is at $144.34 up 10.77% and Ripple is trading at $0.32245 up 6.93%.

The ASX200 opened strong to break up through the 6100 zone only to give up some gains and close back below the level. The Index finished up 23.7 points to 6089.8 at the close. Rising stocks outnumbered declining ones by 579 to 559 and 340 ended unchanged.

The ASX200 is expected to open flat to down 5 points as the SPI200 traded in a narrow range with the US closed for the session.

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ECONOMIC DATA OUT TODAY (AEDT)

AUD Monetary Policy Meeting Minutes 11:30am

EUR Current Account 8pm

GBP Average Earnings and Unemployment Rate 8:30pm

EUR German ZEW Economic Sentiment 9pm

SPI200 INTRADAY LEVELS TO WATCH