The Morning Jumpstart


  • SPI200 (Sep) overnight futures up 7 pts to 6701
  • SP500 up 7.74 pts to 3005.70
  • NASDAQ up 32.47 pts to 8186.2
  • Dow Jones up 33.98 pts to 27,110.80
  • FTSE100 down 1.01 pts to 7320.40
  • DAX30 down 7.70 pts to 12,372.61
  • GOLD futures US Session (December) down $2.20 to $1509.30 an ounce
  • COPPER futures US Session (Comex Dec) down $0.0130 to $2.6270 a pound
  • OIL futures US Session (Nymex Oct) down $4.11 to $58.79 a barrel
  • CRB Index down 4.37 pts to 178.79
  • AUDUSD trading at 0.6867
  • EURUSD trading at 1.1073
  • GBPUSD trading at 1.2503
  • USDJPY trading at 108.1300
  • USD Index (ICE Sept) trading at 97.775 down 0.400

US Indexes ended the session slightly higher ahead of the FOMC interest rate release later tonight. Traders found support from a drop in Oil prices as the tensions from the weekend attacks on Saudi Arabia’s Oil refinery faded. Reports out that Trump said he did not want a war and output at the oil refinery would be restored by the end of September, helped to buoy the market. The action was contained for most of the session until the final minutes when the major indexes got a nudge higher into the close. The broader market is now only 1% short of its all time high from July 26th so some good news from the Fed Reserve and we may see new highs soon. The DOW closed up 0.13% while the broader SP500 was up 0.26% and the Nasdaq also ended up 0.40%. In Europe, major Indexes also come under pressure from the spike into Oil. The Oil sector did well with most majors rallying on higher prices although energy dependent companies felt the pinch.

The US Fed Reserve is expected to lower rates by 25 basis points or a quarter percentage point once the two day policy meeting concludes tonight. Traders and Investors will be waiting for clues on further monetary policy easing from the Fed. Traders will be wanting a very dovish stance from the Fed to keep the equity party going although this may be difficult with policymakers already divided on the need for further rate cuts.

The USD pushed lower as safe haven concerns eased and the price of Oil fell over. Also putting pressure on the currency was Industrial production data that came out a lot better than expected although sentiment for further gains for the sector remain low key thanks to constraints from the trade war. The EURO made back the lost ground from the previous selloff on Oil attack news. The pair was supported by the selloff in Oil and the fall in the USD. The GBP also lifted once the Industrial Production data hit and the USD fell. Price spiked straight back up and through previous highs around 1.2505 as bulls continued the march higher. The AUD was hit yesterday on the RBA Monetary Policy minutes and House price data although buyers dived back in as the USD fell to make back the losses into the US close. Although the Aussie is highly linked to the Chinese economy which is being held hostage by trade wars, at the forefront of traders minds is the FOMC rate release due tonight. The USDJPY rejected highs after a spike into the 108.30 zone and now looks to be under pressure as buyers hold a lower high. We expect the pair will be contained into the FOMC release tonight.

Gold is holding up well as buyers continue to step up and support price above the $1500 level on the futures contract. Oil was hit on the open of the US session and gave up $4 to end the session just below $59 a barrel. Price was hit once traders found out that Saudi oil production will be back online faster than expected. Copper had a solid rally on weakness into oil on the US open. Focus will be back on the trade war and talks between the US and China to come to some sort of a resolution.

Cryptocurrencies had a positive session overnight with Bitcoin actually lagging the action for a change. Bitcoin is currently trading at $10245.5 up 0.36% while Ethereum is at $213.46 up 7.07% and Ripple is holding at $0.29450 up 11.40%.

The ASX200 started the session yesterday on the back foot but then managed to lift its game after data released at 11:30am and rally into the close. The Index was again ramped higher in the 4:10pm match to end up 21.8 points (15 points in the final match) to 6695.3. Falling stocks outnumbered advancing ones by 600 to 583 and 375 ended unchanged. The best performing sectors were Utilities, Healthcare and Energy.

The ASX200 is expected to open up 10 points as the SPI200 was locking in a narrow range overnight to hold onto the day sessions gains.


JPY Trade Balance 9:50am

AUD MI Leading Index 10:30am

GBP CPI and PPI data 6:30pm

EUR Final CPI 7pm

CAD CPI Data 10:30pm

USD Building Permits and Housing Starts 10:30pm

USD Crude Oil Inventories 12:30am

USD Fed Funds Rate and FOMC Statement 4am

USD FOMC Press Conference 4:30am