Asia Roundup: Euro rallies on Franco-German proposal for recovery fund, Asian shares consolidate as vaccine hopes ease, investors eye FOMC minutes - Wednesday, May 20th, 2020
America’s Roundup: Dollar climbs as U.S.-China tensions lift greenback, Wall Street ends mixed, Gold firms, Oil drops 4% on China-U.S. tensions, energy demand doubts-May 23rd 2020
Europe Roundup: Euro gains before Trump's press conference on China, European shares dips, Gold up, Oil falls but remains set for biggest monthly gain in years-May 29th,2020
Asia Roundup: Dollar slumps as markets await Trump's Hong Kong response, euro at 2-month peak ahead of EZ prelim CPI, Asian shares plunge - Friday, May 29th, 2020
Americas’ Roundup: Dollar trades in narrow range as four-day euro rally fizzles, Wall Street ends lower, Brent at highest since March on U.S. stock draw, recovering demand-May 22nd 2020
Asia Roundup: Aussie rallies following RBA minutes, dollar gains against yen on vaccine hopes, Asian shares surge - Tuesday, May 19th, 2020
America’s Roundup: Dollar dips against euro as month-end flows weigh, Wall Street ends up, Gold gains 1%,Oil surges 5% on U.S.-China trade optimism, falling crude output-May 30th,2020
America’s Roundup: Dollar weak as euro rises on Franco-German proposal for recovery fund ,Wall Street dips, Gold edges higher ,Oil dips as U.S. Senate grills Fed chair, Treasury secretary –May 20th,2020
Asia Roundup: Dollar rallies against yen on easing of coronavirus lockdowns, Asian shares rally, investors eye U.S. consumer confidence data - Tuesday, May 26th, 2020
Europe Roundup: Euro rise as investors focus on turns EU recovery plan, European shares edge higher, Gold dips to two-week low, Oil falls on U.S.-China tensions over Hong Kong-May 27th,2020
Europe Roundup: Euro as German survey fuels optimism, European shares rise, Gold dips, Oil falls as U.S.-China tensions take toll-May 25th,2020
Europe Roundup: Euro advances towards two-week high against dollar, European shares inch lower, Gold rises, Oil up on lower U.S. stocks, firmer demand-May 20th,2020
America’s Roundup: Dollar weakens as euro climbs on EU common fund proposal, Wall Street climbs, Gold firms, Oil rise on recovery hopes-May 21st 2020
America’s Roundup: Dollar struggles as rising oil prices lift commodity currencies, Wall Street jumps, Gold eases off highs, Oil jumps to two-month high on easing lockdowns, positive vaccine results-May 19th 2020
America’s Roundup: Dollar dented as risk appetite ramps up, Wall Street gains, Gold eases, Oil prices rise as faith in supply cuts grows-May 27th,2020
Asia Roundup: Aussie eases on worsening U.S.-China tensions, dollar rallies against yen as risk sentiment slightly improves on potential Japanese stimulus, Asian shares consolidate - Monday, May 25th, 2020
Asia Roundup: Antipodeans off-highs on soft Chinese trade data, greenback rebounds on U.S.-China trade optimism, Asian shares surge - Monday, October 14th, 2019
Economic Data Ahead
Key Events Ahead
DXY: The dollar index rebounded from multi-week lows after U.S. President Donald Trump outlined the first phase of a deal to end the protracted U.S.-China trade war and suspended a threatened tariff hike. The greenback against a basket of currencies traded 0.2 percent up at 98.50, having touched a low of 98.20 in the previous session, its lowest since September 20.
EUR/USD: The euro steadied after rising to a 3-week peak in the previous session, as the greenback rebounded after U.S. President Donald Trump on Friday stated that the United States and China had reached a 'Phase 1' trade deal. The European currency traded flat at 1.1029, having touched a high of 1.1062 the prior session, its highest since September 20. Investors’ attention will remain on Eurozone industrial production and ECB De Guindos' speech, as U.S. markets remain shut on account of Columbus Day. Immediate resistance is located at 1.1059 (78.6% retracement of 1.1109 and 1.0879), a break above targets 1.1084. On the downside, support is seen at 1.0986 (21-DMA), a break below could drag it below 1.0966 (10-DMA).
USD/JPY: The dollar declined after rallying to a 12-1/2 month peak in the previous session on news that Washington and Beijing announced progress toward a trade deal. On Friday, U.S. President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike. The major was trading 0.1 percent down at 108.28, having hit a high of 108.62 the prior session, its highest since August 1. Investors’ will continue to track the broad-based market sentiment, as the U.S. and Japanese markets remained closed. Immediate resistance is located at 108.72 (June 17 High), a break above targets 108.99 (July 31 High). On the downside, support is seen at 107.68 (21-DMA), a break below could take it near at 107.31 (September 23 Low).
GBP/USD: Sterling slumped after rising to a 3-1/2 month peak in the prior session on news that the European Union agreed to hold another round of negotiations with London in a bid to break the deadlock and secure a deal before the October 31 deadline. On Sunday, officials from Downing Street and the EU said that more work would be needed to secure an agreement on Britain’s departure from the bloc. The major traded 0.5 percent down at 1.2575, having hit a high of 1.2706 on Friday, it’s highest since June 28. Investors’ attention will remain on the development surrounding Brexit and BoE Cunliffe's speech. Immediate resistance is located at 1.2710, a break above could take it near 1.2762. On the downside, support is seen at 1.2526, a break below targets 1.2459. Against the euro, the pound was trading 0.7 percent at 87.82 pence, having hit a high of 86.94 on Friday, it’s highest since May 15
AUD/USD: The Australian dollar eased from a near 1-month high recorded in the prior session after data showed China’s exports to the United States fell 10.7 percent from a year earlier in dollar terms in January-September, while U.S. imports dropped 26.4 percent during that period. The Aussie trades 0.2 percent down at 0.6775, having hit a high of 0.6810 on Friday, it’s highest since September 19. Immediate support is seen at 0.6747 (5-DMA), a break below targets 0.6687. On the upside, resistance is located at 0.6829 (September 5 High), a break above could take it near 0.6869 (September 18 High).
NZD/USD: The New Zealand dollar plunged as Chinese exports declined -0.7 percent in September versus +2.6 percent prior, while imports slumped -6.2 percent against -2.6 percent earlier. The Kiwi trades 0.5 percent down at 0.6306, having touched a high of 0.6354 on Friday, its highest level since September 18. Immediate resistance is located at 0.6355, a break above could take it near 0.6391 (September 16 High). On the downside, support is seen at 0.6283 a break below could drag it below 0.6229.
Asian shares advanced amid signs of progress in the U.S.-China trade standoff.
MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.5 percent.
Australia's S&P/ASX 200 index surged 0.6 percent to 6,642.60 points and South Korea's KOSPI rallied 1.1 percent to 2,067.40 points.
Shanghai composite index rose 1.2 percent to 3,007.88 points, while CSI 300 index traded 1.1 percent up at 3,953.24 points.
Hong Kong’s Hang Seng traded 0.9 percent higher at 26,540.01 points. Taiwan shares added 1.6 percent to 10,066.95 points.
Crude oil prices declined after rising to a near 2-week peak in the previous session following scant details on the first phase of a trade deal between the United States and China. International benchmark Brent crude was trading 0.7 percent down at $60.17 per barrel by 0523 GMT, having hit a high of $60.66 on Friday, its highest since September 30. U.S. West Texas Intermediate was trading 0.8 percent lower at $54.36 a barrel, after rising as high as $54.91 on Friday, its highest since September 30.
Gold prices tumbled, extending losses for the third straight session as optimism surrounding U.S.-China trade talks increased risk appetite. Spot gold declined 0.1 percent to $1,485.96 per ounce by 0528 GMT, having touched a low of $1,473.88 on Friday, its lowest since October 1. U.S. gold futures inched up 0.1 percent to $1,490.20 per ounce.
The Australian government bonds plunged during Asian trading session as investors await the Reserve Bank of Australia’s (RBA) September monetary policy meeting minutes, scheduled to be released on October 15 by 00:30GMT and the country’s employment report, due for release on the following day for further direction in the debt market. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped 3-1/2 basis points to 1.050 percent, the yield on the long-term 30-year bond surged nearly 2-1/2 basis points to 1.636 percent and the yield on short-term 2-year remained 2 basis points higher at 0.724 percent.