The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 38 pts to 6224
  • SP500 up 40.23 pts to 2783.30
  • NASDAQ up 149.92 pts to 7558.06
  • Dow Jones up 200.64 pts to 25,650.88
  • FTSE100 up 26.31 pts to 7130.62
  • DAX30 up 85.64 pts to 11,543.48
  • GOLD futures US Session (April) down $6.10 to $1293.20 an ounce
  • COPPER futures US Session (Comex May) up $0.0150 to $2.9080 a pound
  • OIL futures US Session (Nymex April) up $0.77 to $56.84 a barrel
  • CRB Index down 0.17 points to 180.50
  • AUDUSD trading at 0.7069
  • EURUSD trading at 1.1244
  • GBPUSD trading at 1.3144
  • USDJPY trading at 111.2200

The US turned the tide of the previous few sessions as the market rallied strong in a risk on mood and ‘buy the dip’ mentality. US bond yields rallied to reverse previous safe haven buying. Buyers were buoyed by talk of more stimulus from China and a 1.92% rally in the Chinese Index after the country’s central bank chief pledged billions of dollars of cuts to taxes and fees to support a slowing economy. The DOW closed up 0.79% while the broader SP500 was also up 1.47% and the Nasdaq also closing up 2.02%. In Europe, major indexes were higher being supported by merger talks between Deutsche Bank and Commerzbank which would help a battered sector.

The USD continued to weaken overnight after US Retail Sales data came in better than expected although was offset by a further downward revision of the previous month’s already bad readings. The dollar also found pressure from a rally in US bond yields and move from safe haven to riskier assets. The EUR and the AUD both ended higher although the AUD continues to be capped by a potential RBA rate cut. The GBP was the best performed major pair as buyers jumped in ahead of presumably the final Brexit vote tomorrow. The USDJPY again traded between 111.2000 resistance and 111.0000 support zone but managed to finish with minor gains.

Gold was lower and saw some profit taking from the rally on Friday as the mood for risk changed and traders jumped back into shares. Oil rallied after a Saudi Energy minister said that an end to OPEC led supply cuts was unlikely before June. Buyers pushed price back up to test the $57 resistance zone into the close. Copper had a good session to find buying support on the back of trade related news.

Cryptocurrencies edged lower overnight still defying the bulls with Bitcoin currently trading at $3867.1 down 0.95% while Ethereum is at $132.52 down 1.76% and Ripple is trading at $0.31002 down 1.09%.

The ASX200 continued lower to build on from Fridays negative move as the Index finished down 23.6 points to 6180.2. Gold stocks did well on the back of a Gold rally Friday night while the energy sector struggled. Falling stocks outnumbered advancing ones by 664 to 443 and 376 ended unchanged.

The ASX200 is expected to open up 35 points after the SPI200 rallied into the close of the US session.



USD Fed Chair Powell Speaks 11am

AUD Home Loans and NAB Business Confidence 11:30am

AUD RBA Assist Gov Debelle Speaks Tentaive

GBP GDP Data, Manufacturing Production, Goods Trade Balance and Industrial Production 8:30pm

USD CPI Data 11:30pm

USD FOMC Member Brainard Speaks 12:45am

GBP Parliament Brexit Vote Tentative