The Morning Jumpstart

OVERNIGHT MARKET SNAPSHOT (7:30am AEST)

  • SPI200 (Mar) overnight futures up 14 pts to 6323
  • SP500 up 25.71 pts to 2933.68
  • NASDAQ up 105.55 pts to 810.82
  • Dow Jones up 145.34 pts to 26,656.39
  • FTSE100 up 63.19 pts to 7523.07
  • DAX30 up 13.12 pts to 12,235.51
  • GOLD futures US Session (June) up $3.30 to $1274.30 an ounce
  • COPPER futures US Session (Comex July) down $0.0090 to $2.8930 a pound
  • OIL futures US Session (Nymex May) up $0.63 to $66.18 a barrel
  • CRB Index down 0.34 points to 187.58
  • AUDUSD trading at 0.7101
  • EURUSD trading at 1.1224
  • GBPUSD trading at 1.2934
  • USDJPY trading at 111.8700

A solid session for the US overnight saw the bulls push markets higher to end with some good gains as they march to all time highs. A further lift in oil helped energy stocks while positive and upbeat earnings results eased fears for an earnings recession. The DOW closed up 0.55% while the broader SP500 was up 0.88% and the Nasdaq also closed up 1.32%. In Europe, major Indexes were supported by energy stocks as they rallied on the back of stronger oil prices while a selloff in banks capped the gains.

The USD gained overnight across the board as buyers now look ahead to the GDP data release on Friday. The dollar has been supported by better than expected economic data which is showing a more resilient economy than expected. The EUR continued its move lower on the back of dollar strength as sellers pushed price down to support around the 1.1180 zone. The action managed to react higher off support but is well and truly under pressure from a strong USD. The GBP also came under fire to easily cut through key support at 1.2980 and is currently holding below around 1.2930. The AUD also was under attack from the bears as price fell under the weight of the dollar ahead of important inflationary data out at 11:30am today. The USDJPY was also heavy in a move that started earlier. Sellers came out of the easter break to pressure the pair lower around 10:30am. The move saw a sharp bounce back in price to retest the 112.000 zone before getting hit again as the USD rallied 12 hours later. The USD strength was not enough to support the pair which also found Yen buyers.

Gold edged its way lower coming under pressure from strength in the USD. Oil continued to rally being supported by the US move to clamp down Iranian oil exports from next month. Copper buyers came under pressure as price spiked through previous lows on dollar strength around 2.8850 before making a partial recovery into the close.

Cryptocurrencies had a mixed session with Bitcoin trading higher while others edged lower. Bitcoin is currently trading at $5564.2 up 4.22% while Ethereum is at $172.42 up 0.77% and Ripple is trading at $0.32228 down 0.26%.

The ASX200 came back from the long weekend with guns blazing as buyers stepped in from the open and continued the buying pressure into the close. The index closed up 59.6 points to 6319.4 with the Energy sector leading the charge while the Gold sector was the only sector ending in the red. Advancing stocks outnumbered falling ones by 659 to 483 and 401 ended unchanged.

The ASX200 is expected to open up 20 points as the SPI200 continued the days rally overnight through through the European and US sessions.

ECONOMIC DATA OUT TODAY (AEST)

AUD CPI Data 11:30am

JPY All Industries Activity 2:30pm

EUR German Ifo Business Climate 6pm

GBP Public Sector Net Borrowing 6:30pm

CAD BOC Rate Statement, Overnight Rate and Monetary Policy Report 12am

USD Crude Oil Inventories 12:30am

SPI200 INTRADAY LEVELS TO WATCH