The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 15 pts to 6254
  • SP500 down 4.63 pts to 2879.42
  • NASDAQ down 20.44 pts to 7943.32
  • Dow Jones up 2.24 pts to 25,967.33
  • FTSE100 up 10.53 pts to 7271.00
  • DAX30 up 87.19 pts to 12,179.93
  • GOLD futures US Session (June) down $3.90 to $1281.70 an ounce
  • COPPER futures US Session (Comex July) down $0.0150 to $2.7700 a pound
  • OIL futures US Session (Nymex June) up $0.60 to $62.00 a barrel
  • CRB Index up 0.26 points to 179.75
  • AUDUSD trading at 0.6989
  • EURUSD trading at 1.1194
  • GBPUSD trading at 1.3004
  • USDJPY trading at 110.1000

The US saw a change in tone from the previous sessions selloff as traders are now happy to sit in a holding pattern as they await further news on the China/US trade front. The US is still threatening to raise tariffs from 10% to 25% on $200 Billion of Chinese goods if there is no deal although China is now sending its lead negotiator for talks on Thursday and Friday. Traders took this as a positive sign and anticipate that China want to make a deal. Safe haven bond prices fell as buyers locked away some gains from the recent rally. The DOW closed up 0.01% while the broader SP500 was down 0.16% and the Nasdaq also closed down 0.26%. In Europe, Indexes were also higher at the close after the US said that it had received an indication from China that it wanted to make a trade deal.

The USD was relatively unchanged as traders weighed up news on the US/China trade dispute and the safe haven bid left the dollar. Traders are unwilling to place any large bets on currencies until further news is out on a potential deal as they may get caught by ‘left field’ tweets. The EUR struggled overnight as bears continue to hold the currency below the 1.1215 zone. There may be further pressure on the Euro if a deal is struck and the USD rallies. The GBP was again hit lower during the European session and held around the lows into the US close. The AUD came under pressure in both the European and US sessions being weighed down by uncertainty in trade for China and pressure on commodities. The USDJPY buyers continued to get cleared out as price heads lower into potential support around 109.750.

Gold safe haven buyers gave up as price fell for the commodity as traders see an outside chance that a trade deal may be struck by the end of the week. Oil managed to bounce back from recent selling pressure as US inventories came in a lot less than expected. Copper continued to see weakness from uncertainty over trade as buyers are not willing to money money at risk until they see further certainty come into the market.

Cryptocurrencies were mixed but managed to hold onto gains with Bitcoin currently trading around $5947.0 up 0.49% while Ethereum is at $169.63 down 1.58% and Ripple is at $0.30148 up 0.49%.

The ASX200 was hit hard on the open, after the US market fell over, but then managed to make back some of the losses into the close. The index finished down 26.6 points yesterday to 6269.1. The Telecommunications and Info Tech sectors were by far the worst performers with Financials finishing flat and the Gold sector up 1.35%. Declining stocks outnumbered rising ones by 740 to 416 and 392 ended unchanged.

The ASX200 is expected to open up 15 points after the SPI200 found some minor buying happy to support price at the lows.


CNY CPI and PPI Data 11:30am

CAD Trade Balance 10:30pm

USD Fed Chair Powell Speaks 10:30pm

USD PPI Data, Trade Balance and Unemployment Claims 10:30pm

USD Final Wholesales Inventories 12am