The Morning Jumpstart


  • SPI200 (Mar) overnight futures down 2 pts to 6366
  • SP500 up 13.71 pts to 2939.88
  • NASDAQ up 27.72 pts to 8146.40
  • Dow Jones up 81.25 pts to 26,543.33
  • FTSE100 down 5.94 pts to 7428.19
  • DAX30 up 32.58 pts to 12,315.18
  • GOLD futures US Session (June) up $9.10 to $1288.80 an ounce
  • COPPER futures US Session (Comex July) up $0.0240 to $2.8850 a pound
  • OIL futures US Session (Nymex June) down $1.91 to $63.30 a barrel
  • CRB Index down 1.30 points to 184.66
  • AUDUSD trading at 0.7042
  • EURUSD trading at 1.1151
  • GBPUSD trading at 1.2916
  • USDJPY trading at 111.5800

The US ended the week on a positive note with the broader market SP500 notching up a record closing high as economic data showed growth accelerated in the first quarter. The US Commerce Department said that GDP rose 3.2% annualized which traders believe eases concern over a recession but the data may be inflated according to some analysts as some inputs do not match reality or the CPI. Expectations for Earnings have improved since the start of the reporting period with traders are now seeing a decline of just 0.3% from a year ago. The DOW closed up 0.31% while the broader SP500 was up 0.47% and the Nasdaq closed up 0.34%. In Europe, major Indexes were higher thanks to some strong earnings and relief on global growth from a positive US GDP data number.

Safe haven US bonds rallied on the back of the data release as yields fell. Traders may be looking into bonds for a safe haven ahead of the Fed Reserves decision on interest rates which is expected to remain at 2.50% on low inflation.

The USD eased Friday night although data showed that speculators increased their net long positions for the week to the highest level since 2015 from $34.55Bill to $37.21Bill. This is not the picture that bulls may expect as safe haven traders edge into the dollar. The EUR initially rallied after the GDP data but then gave up some of the gains into the close to finish only slightly higher. The GBP and the AUD saw similar action to the Euro, also ending with minor gains into the close. The USDJPY spiked to the 112.00 zone after the number but then found selling pressure to end the session on the back foot. Longer term the USDJPY may come under further pressure if dollar buying continues and could be looking down to 110.00.

Gold had a better session to end the week with a small rally on USD weakness. Price still has some work to do before bulls come back out to play but may be starting to find some buying support after price pushed below support around $1277. Oil prices once again come under pressure as Trump again pressured OPEC to raise Oil production to help ease gas prices. Copper had a positive session as price continues to hold above support around the 2.8500 zone. Price is currently stretched into support so we may expect to see some further reaction higher from buyers in the near future.

Cryptocurrencies came under pressure with Bitcoin currently trading around $5284.2 down 0.45% off recent highs a few days prior above $5600. Ethereum is trading at $158.25 down 1.56% while Ripple is at $0.29737 down 0.57%.

The ASX200 had a quiet session as price was stuck in a narrow range from the open until the close. The index closed up only 3.5 points to 6385.6 and could not continue with the previous two days rally. The Gold Sector was a shining light with Utilities also up strong while Energy shares were the main drag in the index. Declining stocks outnumbered rising ones by 580 to 566 and 422 ended unchanged.

The ASX200 is expected to open flat as the SPI200 saw a flat session Friday night, carrying on from the days action, to end the week.


EUR M3 Money Supply and Private Loans 6pm

GBP BOE Gov Carney Speaks 6:10pm

USD Personal Spending and Personal Income 10:30pm