The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 14 pts to 6119
  • SP500 down 2.21 pts to 2793.90
  • NASDAQ down 5.16 pts to 7549.30
  • Dow Jones down 33.97 pts to 26,057.98
  • FTSE100 down 32.62 pts to 7151.12
  • DAX30 up 35.40 pts to 11,540.79
  • GOLD futures US Session (April) up $1.70 to $1331.20 an ounce
  • COPPER futures US Session (Comex May) down $0.0010 to $2.9480 a pound
  • OIL futures US Session (Nymex April) up $0.19 to $55.67 a barrel
  • CRB Index down 0.35 points to 181.40
  • AUDUSD trading at 0.7187
  • EURUSD trading at 1.1389
  • GBPUSD trading at 1.3255
  • USDJPY trading at 110.5700

The US had a relatively flat session in the end as bulls await further developments on trade and bears assess economic data for a weakening global economy. Powell has made it clear that the Central bank remains focused on weakening data and an economy that is likely slowing. This meant that overnight saw a stale mate between buyers and sellers as fresh buyers will likely need a new catalyst at current levels after markets strong rally from the start of the year. The DOW closed down 0.13% while the broader SP500 was also down 0.08% and the Nasdaq closed down 0.07%. In Europe, share Indexes were generally higher although the FTSE lagged due to a strengthening Pound and potential delays to a Brexit Deal.

The USD took a nosedive after Fed Chair Powells testimony when he said that the central bank will remain patient on US monetary policy and which, to traders, meant that they are in no rush to raise rates anytime soon. The EUR, AUD and the GBP all got a lift from the drop in the USD to close at the highs for the session. The GBP also got a lift from news that Prime Minister Theresa May is considering delaying the March 29 deadline for Brexit. The USDJPY fell through support around 110.6500 giving up recent gains after ripping through the 111.0000 level the previous session to whip traders out of the action.

Gold managed to edge out some gains thanks to weakness into the USD although buyers are being capped by optimism for a trade deal as traders are happy to put risk into shares and out of safe haven investments. Oil fell the previous session after Trump tweeted for OPEC to ‘relax and take it easy’ in regards to higher Oil prices, but price managed to grind higher off yesterdays lows around 55.10 ahead of inventory data out tonight. Copper had a relatively quiet range bound session being supported by the USD weakness and as traders await further news on trade and tariffs.

Cryptocurrencies had another weak session to trade lower across the board. Bitcoin is currently trading at $3812.9 down 1.25% while Ethereum is trading at $135.44 down 3.45% and Ripple is at $0.31669 down 5.09%.

The ASX200 had a session to forget for the bulls as price sold off from the open and never looked back. The index closed down 57.9 points to 6128.4, failing to take a lead from the positive move in the US the previous night. Rising stocks outnumbered declining ones by 619 to 535 and 371 ended unchanged.

The ASX200 is expected to open up 15 points as the SPI200 bounced back overnight from the days selloff.



NZD Trade Balance 8:45am

AUD Construction Work Done 11:30am

EUR German Buba President Weidmann Speaks 9pm

CAD CPI Data 12:30am

USD Goods Trade Balance and Prelim Wholesale Inventories 12:30am

USD Fed Chair Powell Testifies 2am

USD Factory Orders and Pending Home Sales 2am

USD Crude Oil Inventories 2:30am