The Morning Jumpstart


  • SPI200 (Sep) overnight futures down 30 pts to 6604
  • SP500 up 13.86 pts to 3013.77
  • NASDAQ up 48.10 pts to 8244.15
  • Dow Jones up 243.95 pts to 27,332.03
  • FTSE100 down 3.85 pts to 7505.97
  • DAX30 down 8.80 pts to 12,323.32
  • GOLD futures US Session (August) up $5.50 to $1412.20 an ounce
  • COPPER futures US Session (Comex Sept) up $0.0070 to $2.6950 a pound
  • OIL futures US Session (Nymex Aug) up $0.01 to $60.21 a barrel
  • CRB Index up 0.68 pts to 184.36
  • AUDUSD trading at 0.7020
  • EURUSD trading at 1.1270
  • GBPUSD trading at 1.2572
  • USDJPY trading at 107.9100
  • USD Index (ICE Sept) at 96.428 down 0.238

US Indexes ended the week on a positive note as the broader market SP500 closed above 3000 at new all time high levels. The idea of US interest rate cuts drove the buying pressure as expectations are firm for a July cut. Traders will now focus on earnings that kick off this week where analysts are forecasting a decline in earnings per share of 0.4% for the quarter. The DOW closed up 0.90% and the broader SP500 was up 0.46% while the Nasdaq also ended up 0.59%. In Europe, major Indexes lagged as they finished flat to end the week.

The USD Index fell for a third session in a row as sellers continued to bet on further rate cuts. The Euro saw some choppy action as price whipped between gains and losses but in the end managed to finish near the highs on USD weakness. If buyers can clear out 1.1280, we would expect to see a decent run higher. The GBP action was cleaner as buyers were in charge Friday moving price higher. There is some minor resistance at 1.2590 that may see buyers pause. The AUD pushed above the 0.7000 mark on USD selling as the RBA rate cuts have little affect to stem the rally. The longer term trend is still lower with price up at potential resistance levels which may see some sellers come into the action. The USDJPY was sold lower from the Asian session through to the close of the US as price took out lows.

Gold made back some of the previous sessions lost ground thanks to the US Dollar coming under pressure. Price continues to consolidate just above the 1400 level but may see further gains if the USD continues its move lower. Oil ended the session relatively flat as a forecast for a global surplus from the International Energy Agency was offset by output declines in the Gulf of Mexico from a tropical storm. Copper saw some choppy price action to take out recent highs and then swing lower to take out minor lows before rallying back to where it started the day. By the close, price managed to finish only slightly higher.

Cryptocurrencies are red across the board as the major pairs come under fire. Bitcoin is currently trading at $10640.5 down 3.86% while Ethereum is leading the charge lower currently trading at $238.40 down 10.90% while Ripple is at $0.31626 down 3.25%.

The ASX200 had a weak session Friday as price fell lower into the close to end down 19.6 points to 6696.5. The Gold sector led the charge lower which may see some rebound action today making back some of Fridays losses. The Industrials and Metals and Mining sectors were also weaker. Falling stocks outnumbered advancing ones by 593 to 540 and 401 ended unchanged.

The ASX200 is expected to open down 25/30 points as the SPI200 sold lower into the US close in the overnight session.


JPY Bank Holiday All Day

CNY GDP, Industrial Production and Unemployment Rate 12pm

USD Empire State Manufacturing Index 10:30pm

USD FOMC Member Williams Speaks 10:50pm