Welcome to October Trading! Asian markets continued in risk-on mode with better Chian PMI and a slight rebound in commodities. A nice farewell gift, since China and Hong Kong markets will be closed until October 7th (Golden Week Holiday). Japan’s Tankan survey was mostly in line with forecasts. Despite all this, S&P and other indices are struggling around this week’s highs, so my personal stance is to wait and see what happens here before swapping hats and looking for longs.
Aud received a boost from the Chinese data, and short term momentum seems to have shifted to the upside. Longs looking initially for 7200 look promising.
Gbp still remains weak across the board, and especially vs. Usd and Nzd.
Charts for Today:
Last chart is the S&P 500, with current week’s high marked.