The Morning Jumpstart


  • SPI200 (Jun) overnight futures up 18 pts to 6332
  • SP500 down 7.61 pts to 2744.45
  • NASDAQ down 120.13 pts to 7333.02
  • Dow Jones up 4.74 pts to 24,819.18
  • FTSE100 up 23.09 pts to 7184.80
  • DAX30 up 65.97 pts to 11,792.81
  • GOLD futures US Session (August) up $18.40 to $1329.50 an ounce
  • COPPER futures US Session (Comex July) up $0.0160 to $2.6560 a pound
  • OIL futures US Session (Nymex July) down $0.66 to $52.84 a barrel
  • CRB Index down 0.65 pts to 174.72
  • AUDUSD trading at 0.6977
  • EURUSD trading at 1.1243
  • GBPUSD trading at 1.2664
  • USDJPY trading at 108.0600

US stock indexes were mixed overnight as the DOW ended slightly higher while the broader SP500 and Nasdaq continued the move lower. Mexico replied to US demands and draws the line on asylum seekers ahead of talks with the US this week. The latest twist in the dispute between the US and China has China accusing FedEx Corp of diverting parcels intended for Huawei. The DOW managed to close up 0.02% while the broader SP500 was down 0.28% and the Nasdaq also closed down 1.61%. Fears on regulatory intervention into internet giants Alphabet, Facebook and Amazon had the Nasdaq under pressure. In Europe, Indexes ended the session in the green to bounce back from Fridays selloff.

In a speech, FOMC member Bullard said an interest rate cut ‘may be warranted soon’ given the rising economic risk posed by global trade tensions as well as weak U.S. inflation. He also said that recent events such as Mexico tariffs have increased uncertainty in the local economy as the global economy slows. Traders pushed into US Government bonds as yields fell and as traders seek protection from market volatility.

The USD was hit again as traders factor in a potential US rate cut sooner rather than later and buyers start to reverse longer term positions. The Euro, GBP and the AUD all rallied on the USD weakness. AUD traders will be positioning themselves ahead of the RBA interest rate announcement today. The USDJPY continued to pressure buyers as the pair moved lower on safe haven YEN buying thanks to trade tensions and a global slowdown. Traders of the Swiss Franc are getting nervous as the safe haven currency rallies. Strength into the currency is traditionally met with Swiss National Bank intervention.

Gold had another big night as the USD falls on interest rate concerns and the Global economy continues to look shaky on increased trade concerns. Aussie gold also continued its march higher which should see further interest in local gold miners. Oil edged lower as sellers kept up the pressure on global demand concerns. Copper bounced back as the commodity found some buyers off the lows.

Cryptocurrencies took a breather overnight to trade lower across the board. Bitcoin is currently trading at $8472.6 down 2.67% while Ethereum is trading at $258.36 down 3.59% and Ripple is at $0.43799 down 1.09%.

The ASX200 had a rough session yesterday to end down 76.4 points to 6320.5 at the close. All sectors came under fire except Gold which rallied 3.77%. Falling stocks outnumbered advancing ones by 816 to 378 and 392 ended unchanged. Traders will be awaiting the RBA decision on interest rates today at 2:30pm with expectations for a rate cut of 0.25%.

The ASX200 is expected to open up 15 points as the SPI200 holds a minor support zone during the US session.


AUD Retail Sales and Current Account 11:30am

AUD Cash Rate and RBA Rate Statement 2:30pm

EUR CPI Data and Unemployment Rate 7pm

AUD RBA Gov Lowe Speaks 7:30pm

USD FOMC Member Williams Speaks 10:30pm

USD Fed Chair Powell Speaks 11:55pm

USD Factory Orders 12am