FirewoodFX - Market News

Daily Forex Market News - FirewoodFx

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#571

Post by B0N3 » Mon Oct 07, 2019 6:17 pm

Asia Roundup:
Kiwi steadies as RBNZ rate cut concerns ease, yen rallies amid caution over U.S.-China trade talks, Asian shares surge –
Monday, October 7th, 2019






Market Roundup

Gold edges higher ahead of U.S.-China trade talks

U.S. unemployment rate dropped to the lowest in almost 50 years



Economic Data Ahead

(0330 ET/0730 GMT) UK Halifax House Prices MoM September

(0430 ET/0830 GMT) EZ Sentix Investor Confidence October



Key Events Ahead

No significant events scheduled



FX Beat

DXY:
The dollar index rebounded as Friday's data showed U.S. jobs growth increased modestly in September. U.S. nonfarm payrolls increased by 136,000 jobs last month, while August data was revised to show 168,000 jobs created instead of the previously reported 130,000. The greenback against a basket of currencies traded 0.05 percent up at 98.87, having touched a low of 98.64 on Thursday, its highest since September 25.

EUR/USD: The euro eased, halting a 4-day rally as concern grew that the European Central Bank had only limited room to boost growth and inflation. However, the downside appears limited as revised data released on Friday showed the Italian economy grew slightly more than previously in the first half of this year. The European currency traded flat at 1.0978, having touched a high of 1.0999 on Thursday, its highest since September 25. Investors’ attention will remain on a series of data out from the Eurozone economies and EZ sentix investor confidence, ahead of the U.S. consumer credit change and Fed Chair Powell's speech. Immediate resistance is located at 1.1021 (61.8% retracement of 1.1109 and 1.0879), a break above targets 1.1060 (78.6% retracement). On the downside, support is seen at 1.0945 (5-DMA), a break below could drag it below 1.0904.

USD/JPY: The dollar plunged, extending losses for the fifth straight session, as risk sentiment weakened after Bloomberg reported that Chinese officials are signalling they are reluctant to agree to a broad deal pursued by U.S. President Donald Trump. The major was trading 0.05 percent down at 106.84, having hit a low of 106.48 on Thursday, its lowest since September 24. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. consumer credit change and Fed Chair Powell's speech. Immediate resistance is located at 107.36 (5-DMA), a break above targets 107.58 (September 10 High). On the downside, support is seen at 106.32 (September 5 Low), a break below could take it near at 106.02 (August 16 Low).

GBP/USD: Sterling eased as investors remained cautious amid uncertainties over Brexit deal. British Prime Minister Boris Johnson is still seeking significant changes to how the issue of the Irish border is dealt ahead of UK’s scheduled exit from the European Union on October 31. The major traded 0.05 percent down at 1.2322, having hit a high of 1.2413 on Thursday, it’s highest since September 25. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2376 (21-DMA), a break above could take it near 1.2400. On the downside, support is seen at 1.2270 (September 27 Low), a break below targets 1.2233 (September 9 Low). Against the euro, the pound was trading 0.2 percent down at 89.13 pence, having hit a low of 89.36 on Thursday, it’s lowest since Sept. 13.

AUD/USD: The Australian dollar declined as investors nervously awaited U.S.-China talks this week for signs of whether the two sides can de-escalate or end their trade war. The Aussie trades 0.3 percent down at 0.6749, having hit a high of 0.6773 on Friday, it’s highest since October 1. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6687, a break below targets 0.6635. On the upside, resistance is located at 0.6799 (August 21 High), a break above could take it near 0.6803 (September 25 High).

NZD/USD: The New Zealand dollar edged higher after the Reserve Bank of New Zealand said that new information it had received since the last Monetary Policy Statement by the bank in August did not warrant a significant change to the monetary policy outlook. The Kiwi trades 0.05 percent up at 0.6315, having touched a high of 0.6336 on Friday, its highest level since September 25. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6348 (September 25 High), a break above could take it near 0.6391 (September 16 High). On the downside, support is seen at 0.6277 (5-DMA), a break below could drag it below 0.6249.



Equities Recap

Asian Stock
surged after data showed the U.S. unemployment rate declined to the lowest in almost 50 years, easing concerns of a slowdown in the economy.ion.

MSCI's broadest of Asia-Pacific shares outside Japan gained 0.2 percent.

Tokyo's Nikkei eased 0.2 percent to 21,368.63 points, Australia's S&P/ASX 200 index rallied 0.7 percent to 6,563.60 points.

Chinese markets remained closed.





Commodities Recap

Crude Oil prices eased, halting a 2-day rally, amid fears the global economic slowdown will weigh on future oil demand growth. International benchmark Brent crude was trading 0.3 percent up at $58.01 per barrel by 0517 GMT, having hit a low of $57.13 on Thursday, its lowest since August 7. U.S. West Texas Intermediate was trading 0.1 percent lower at $52.84 a barrel, after falling as low as $52.27 on Thursday, its lowest since August 7.

Gold prices edged higher, reversing most of its previous session losses, as investors were cautious ahead of this week’s U.S.-China trade talks following a report that Beijing would likely disagree to a broad trade deal with the United States. Spot gold gained 0.1 percent to $1,504.93 per ounce by 0525 GMT, having touched a high of $1,519.53 on Thursday, its highest since September 25. U.S. gold futures were little changed at $1,513.30 per ounce.



Treasuries Recap

The Japanese government bonds firmed as investors turned cautious about the outcome of U.S.-China trade talks. The benchmark 10-year JGB futures rose 0.06 point to 155.21. The 10-year JGB yield fell 1 basis point to minus 0.225 percent, declining further from its 2-month high of minus 0.145 percent. The five-year yield fell 0.5 basis point to minus 0.375 percent, inching towards a record low of minus 0.400 percent touched last month. Longer maturities were little changed with both the 20-year JGB yield and 30-year yield flat at 0.180 percent and 0.350 percent.

The Australian government bonds opened on a higher note on the first trading day of the week, tracking a similar movement in the United States Treasuries following global economic concerns, after employment data in the U.S. disappointed market sentiments. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slumped 2 basis points to 0.878 percent, the yield on the long-term 30-year bond suffered 2-1/2 basis points to 1.491 percent and the yield on short-term 2-year too traded 2 basis points lower at 0.617 percent.







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#572

Post by B0N3 » Tue Oct 08, 2019 6:21 pm

Asia Roundup:
Kiwi rallies on upbeat economic data, dollar gains against yen ahead of U.S.-China trade talks, Asian shares nudge higher –
Tuesday, October 8th, 2019






Market Roundup

Gold edges lower ahead of trade talks

Oil edges higher on supply worries



Economic Data Ahead

(0400 ET/0800 GMT) Italy Retail Sales



Key Events Ahead

(0300 ET/0700 GMT) ECB non-monetary policy meeting



FX Beat

DXY: The dollar index eased ahead of upcoming U.S.-China trade talks in Washington. On Monday, U.S. and Chinese deputy trade negotiators launched two days of talks aimed at paving the way later this week for the first minister-level negotiations in months. The greenback against a basket of currencies traded 0.05 percent down at 98.93, having touched a low of 98.64 on Thursday, its highest since September 25.

EUR/USD: The euro steadied after falling from a near 2-week peak in the previous session on European Central Bank's comments, stating that half of the euro zone’s biggest banks wouldn’t survive a six-month cash drought, with larger firms and subsidiaries of foreign institutions among the most vulnerable. The European currency traded flat at 1.0976, having touched a high of 1.0999 on Thursday, its highest since September 25. Investors’ attention will remain on a series of data out from the Eurozone economies and ECB non-monetary policy meeting, ahead of the U.S. producer price index, Fed Evan and Chair Powell's speech. Immediate resistance is located at 1.1019 (61.8% retracement of 1.1109 and 1.0879), a break above targets 1.1059 (78.6% retracement). On the downside, support is seen at 1.0952 (10-DMA), a break below could drag it below 1.0904.

USD/JPY: The dollar surged, extending previous session gains after a Fox Business reporter tweeted that the Chinese Commerce Ministry said that China is ready to do a deal with the United States on parts of negotiations both sides agree upon. The major was trading 0.1 percent up at 107.54, having hit a low of 106.48 on Thursday, its lowest since September 24. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Fed Evan and Chair Powell's speech. Immediate resistance is located at 107.67 (21-DMA), a break above targets 107.95 (September 26 High). On the downside, support is seen at 106.96 (September 24 Low), a break below could take it near at 106.32 (September 5 Low).

GBP/USD: Sterling consolidated within narrow ranges, amid increasing concerns about a lack of progress between Britain and the European Union to agree a Brexit withdrawal deal. The major traded flat at 1.2296, having hit a high of 1.2413 on Thursday, it’s highest since September 25. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2356, a break above could take it near 1.2400. On the downside, support is seen at 1.2233 (September 9 Low), a break below targets 1.2194 (August 23 Low). Against the euro, the pound was trading flat at 89.25 pence, having hit a low of 89.36 on Friday, it’s lowest since Sept. 13.

AUD/USD: The Australian dollar surged, reversing some of its previous session losses, as top-level U.S.-China trade talks are scheduled to resume later in the week, when Chinese Vice Premier Liu He meets with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington. The Aussie trades 0.3 percent up at 0.6749, having hit a high of 0.6773 on Friday, it’s highest since October 1. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6687, a break below targets 0.6635. On the upside, resistance is located at 0.6799 (August 21 High), a break above could take it near 0.6803 (September 25 High).

NZD/USD: The New Zealand dollar rallied after data showed the government's surplus rose by $2 billion to $7.5 billion in the fiscal year ended June 2020, while the net government debt dropped to 19.2 percent of GDP, down from 19.9 percent a year ago. The Kiwi trades 0.5 percent up at 0.6315, having touched a high of 0.6336 on Friday, its highest level since September 25. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6348 (September 25 High), a break above could take it near 0.6391 (September 16 High). On the downside, support is seen at 0.6266, a break below could drag it below 0.6249.



Equities Recap

Asian shares
nudged up in early deals, while investors remained cautious ahead of tense U.S.-China trade talks.

MSCI's broadest of Asia-Pacific shares outside Japan rose 0.1 percent.

Tokyo's Nikkei gained 1.1 percent to 21,611.90 points, Australia's S&P/ASX 200 index rallied 0.5 percent to 6,593.40 points and South Korea's KOSPI surged 0.9 percent to 2,040.25 points.

Hong Kong’s Hang Seng traded 0.7 percent higher at 25,992.13 points. Taiwan shares shed 0.8 percent to 11,017.31 points.





Commodities Recap

Crude Oil prices surged, supported by overnight gains in industrial commodities, while unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption. International benchmark Brent crude was trading 0.5 percent up at $58.36 per barrel by 0518 GMT, having hit a low of $57.13 on Thursday, its lowest since August 7. U.S. West Texas Intermediate was trading 0.5 percent higher at $53.03 a barrel, after falling as low as $52.27 on Thursday, its lowest since August 7.

Gold prices declined, extending losses for a third straight session, weighed down by a stronger greenback and an uptick in equities ahead of upcoming U.S.-China trade talks in Washington. Spot gold was trading 0.2 percent down at $1,490.67 per ounce by 0520 GMT, having touched a high of $1,519.53 on Thursday, its highest since September 25. U.S. gold futures dropped 0.6 percent to $1,495.20.



Treasuries Recap

The Australian government bonds remained flat on the second trading day of the week Tuesday, as investors remained side-lined in a muted session ahead of the Reserve Bank of Australia’s (RBA) Financial Stability Review, scheduled to be released by end of this week. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, traded steady at 0.896 percent, the yield on the long-term 30-year bond also remained flat at 1.497 percent and the yield on short-term 2-year too hovered around 0.644 percent.









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#573

Post by B0N3 » Wed Oct 09, 2019 6:49 pm

Asia Roundup:
Yen eases as investors eye U.S.-China trade talks, greenback steadies on Fed Chair Powell's comments, Asian shares tumble –
Wednesday, October 9th, 2019






Market Roundup

U.S.-China trade doubts grow

Gold rises as risk sentiment weaken on trade uncertainty

Oil prices extend slide to third straight day

RBNZ needs to better explain bank-review benefits: Treasury



Economic Data Ahead

No major economic data releases



Key Events Ahead

No significant event scheduled




FX Beat

DXY:
The dollar index rallied, extending gains for the third straight session, as comments from Federal Reserve Chairman Jerome Powell were interpreted as suggesting further rate cuts later in October were not a done deal. The greenback against a basket of currencies traded 0.05 percent up at 99.13, having touched a low of 98.64 on Thursday, its highest since September 25.

EUR/USD: The euro steadied, halting a 2-day losing streak, after yesterday's news of an unexpected rise in German industrial output suggested the German economy may skip a recession. The European currency traded flat at 1.0949, having touched a high of 1.1006 on Monday, its highest since September 25. Investors’ attention will remain on the U.S. JOLTS Job openings data, wholesale inventories and Fed Chair Powell's speech, amid a lack of economic data from the Eurozone economies. Immediate resistance is located at 1.1019 (61.8% retracement of 1.1109 and 1.0879), a break above targets 1.1059 (78.6% retracement). On the downside, support is seen at 1.0937 (September 25 Low), a break below could drag it below 1.0904.

USD/JPY: The dollar rose, reversing some of its previous session losses, ahead of high-level talks involving Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday. The major was trading 0.1 percent up at 107.17, having hit a low of 106.48 on Thursday, its lowest since September 24. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. JOLTS Job openings data, wholesale inventories and Fed Chair Powell's speech. Immediate resistance is located at 107.46 (10-DMA), a break above targets 107.95 (September 26 High). On the downside, support is seen at 107.08 (October 9 Low), a break below could take it near at 106.62 (September 6 Low).

GBP/USD: Sterling eased, hovering towards a 1-month low touched in the previous session on reports that German Chancellor Angela Merkel and British Prime Minister Boris Johnson had spoken and that she had made clear a deal was overwhelmingly unlikely. The major traded 0.1 percent down at 1.2203, having hit a low of 1.2195 on Tuesday, it’s lowest since September 4. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2292 (5-DMA), a break above could take it near 1.2371 (21-DMA). On the downside, support is seen at 1.2154 (August 28 Low), a break below targets 1.2108 (August 22 Low). Against the euro, the pound was trading 0.1 percent down at 89.78 pence, having hit a low of 89.99 on Tuesday, it’s lowest since Sept. 9.

AUD/USD:The Australian dollar rose after declining for two straight sessions, supported by a subdued greenback demand. The Aussie trades 0.1 percent up at 0.6722, having hit a high of 0.6773 on Friday, it’s highest since October 1. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6687, a break below targets 0.6635. On the upside, resistance is located at 0.6799 (August 21 High), a break above could take it near 0.6803 (September 25 High).

NZD/USD: The New Zealand dollar surged, extending previous session gains, as banks and the government are waiting for the RBNZ’s final decisions on its review, which are due in early December. The Kiwi trades 0.1 percent up at 0.6316, having touched a high of 0.6336 on Friday, its highest level since September 25. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6348 (September 25 High), a break above could take it near 0.6391 (September 16 High). On the downside, support is seen at 0.6266, a break below could drag it below 0.6249.



Equities Recap

Asian shares
tumbled as risk sentiment weakened amid the United States and China’s broadening dispute over trade and foreign policy.

MSCI's broadest of Asia-Pacific shares outside Japan eased 0.4 percent.

Tokyo's Nikkei declined 0.6 percent to 21,456.38 points, Australia's S&P/ASX 200 index fell 0.7 percent to 6,546.70 points.

Hong Kong’s Hang Seng traded 0.8 percent lower at 25,700.36 points. Taiwan shares shed 1.1 percent to 10,889.96 points.

Shanghai rose 0.3 percent to 2,921.83 points, while CSI 300 index traded 0.05 percent up at 3,837.87 points.



Commodities Recap


Crude Oil prices declined, extending losses for the third consecutive session as the prospect of the United States and China striking a trade deal in talks this week dimmed, raising uncertainties for global economic growth and oil demand. International benchmark Brent crude was trading 0.2 percent down at $58.03 per barrel by 0517 GMT, having hit a low of $57.13 on Thursday, its lowest since August 7. U.S. West Texas Intermediate was trading 0.3 percent lower at $52.41 a barrel, after falling as low as $50.97 on Thursday, its lowest since August 7.

Gold prices steadied after rebounding from a 1-week low touched in the previous session, as uncertainties over U.S.-China trade talks and Brexit prompted investors to seek refuge in the safe-haven assets. Spot gold was trading flat at $1,505.47 per ounce by 0520 GMT, having touched a low of $1,486.72 on Tuesday, its lowest since October 2. U.S. gold futures settled mostly unchanged at $1,503.9 an ounce.



Treasuries Recap

The Japanese government bonds closed flat ahead of the country’s producer price index (PPI) for the month of September, scheduled to be released on October 9 by 23:50GMT and the super-long 30-year auction, due to be released on the following day by 03:35GMT, amid ongoing geopolitical tensions and worries over global economic slowdown. At close, the yield on the benchmark 10-year JGB note, which moves inversely to its price, hovered around -0.208 percent, the yield on the long-term 30-year remained flat at 0.375 percent and the yield on short-term 2-year too held steady near -0.319 percent.

The Australian government bonds jumped tracking a similar movement in the United States’ Treasuries after Chairman of the Federal Reserve, Jerome Powell, announced an increase in the size of the central bank’s balance sheet soon. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slipped 1 basis point to 0.885 percent, the yield on the long-term 30-year bond also suffered 1 basis point to 1.486 percent and the yield on short-term 2-year remained tad down at 0.638 percent.









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#574

Post by B0N3 » Fri Oct 11, 2019 6:25 pm

Asia Roundup:
Antipodeans rally on U.S.-China trade talks hopes, greenback at multi-week lows as soft CPI figures support Fed rate cut speculation, investors eye EBC Draghi’s speech –
Friday, October 11th, 2019






Market Roundup

Gold inches lower on Trump's remarks

Oil extends gains on the prospect of deeper OPEC output cuts



Economic Data Ahead

(0300 ET/0700 GMT) Spain consumer price index September

(0300 ET/0700 GMT) Spain HICP September



Key Events Ahead

(0530 ET/0930 GMT) European Central Bank President Mario Draghi's Speech

(0630 ET/1030 GMT) European Central Bank Vice-President Luis De Guindos gives a speech



FX Beat

DXY: The dollar index plunged to multi-week lows after data showed U.S. consumer prices were unchanged in September and underlying inflation retreated, supporting expectations the Federal Reserve will cut interest rates in October for the third time this year. The greenback against a basket of currencies traded 0.05 percent down at 98.64, having touched a low of 98.62 earlier, its lowest since September 25.

EUR/USD: The euro rose, extending gains for the third straight session after German Finance Minister Olaf Scholz at a meeting of euro finance ministers in Luxemburg on Thursday stated that Eurozone countries will put in place a joint budget to boost economic reforms. The European currency traded 0.1 percent up at 1.1017, having touched a high of 1.1033 the day before, its highest since September 20. Investors’ attention will remain on a series of data out from the Eurozone economies and ECB Draghi and De Guindos' speech, ahead of the U.S. import and export price index, Michigan prelim consumer sentiment index, Fed official's speeches. 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 1.0987 (21-DMA), a break below could drag it below 1.0957 (10-DMA).

USD/JPY: The dollar rallied to a near 2-week peak, as risk appetite improved after U.S. President Donald Trump said he would meet with China’s top trade negotiator today. The major was trading up at 107.99, having hit a high of 108.13 earlier, its highest since October 1. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. import and export price index, Michigan prelim consumer sentiment index, Fed official's speeches. Immediate resistance is located at 108.25 (September 13 High), a break above targets 108.63 (July 5 High). On the downside, support is seen at 107.66 (21-DMA), a break below could take it near at 107.31 (September 23 Low).

GBP/USD: Sterling surged, hovering towards a 2-week peak hit in the prior session after the prime ministers of Britain and Ireland revived hopes of a possible Brexit deal. On Thursday, Irish Prime Minister Leo Varadkar said a Brexit deal could be clinched by the end of October to allow the United Kingdom to leave the European Union. The major traded 0.2 percent up at 1.2466, having hit a high of 1.2469 on Thursday, it’s highest since September 25. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2503, a break above could take it near 1.2582. On the downside, support is seen at 1.2369 (21-DMA), a break below targets 1.2295 (10-DMA). Against the euro, the pound was trading flat at 88.38 pence, having hit a high of 88.30 on Thursday, it’s highest since Sept. 25

AUD/USD: The Australian dollar rallied, extending the previous session rebound on hopes of a trade resolution between the United States and China. The Aussie trades 0.2 percent up at 0.6771, having hit a high of 0.6781 earlier, it’s highest since September 23. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6742, a break below targets 0.6687. On the upside, resistance is located at 0.6803 (September 25 High), a break above could take it near 0.6829 (September 5 High).

NZD/USD: The Zealand dollar consolidated within narrow ranges as investors remained on the sidelines as high-level U.S.-China trade negotiations were due to continue today. The Kiwi trades flat at 0.6318, having touched a low of 0.6277 on Thursday, its lowest level since October 3. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6348 (September 25 High), a break above could take it near 0.6391 (September 16 High). On the downside, support is seen at 0.6287 (10-DMA), a break below could drag it below 0.6249.



Equities Recap

Asian shares
rallied as risk sentiment improved after U.S. President Donald Trump said he would meet with China’s top trade negotiator.

MSCI's broadest of Asia-Pacific shares outside Japan rose 1.2 percent.

Tokyo's Nikkei gained 1.2 percent to 21,798.87 points, Australia's S&P/ASX 200 index rallied 0.9 percent to 6,606.80 points and South Korea's KOSPI surged 1.01 percent to 2,048.57 points.

Hong Kong’s Hang Seng traded 2.3 percent higher at 26,304.52 points.





Commodities Recap

Crude Oil prices rose, extending previous session gains after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude was trading 0.4 percent up at $59.68 per barrel by 0529 GMT, having hit a high of $59.69 earlier, its highest since October 1. U.S. West Texas Intermediate was trading 0.4 percent higher at $54.09 a barrel, after rising as high as $54.15 earlier, its highest since October 2.

Gold prices edged lower as U.S. President Donald Trump’s remarks on progress in U.S.-China trade talks boosted risk appetite. Spot gold was trading flat at $1,493.40 per ounce by 0532 GMT, having touched a high of $1,516.96 on Thursday, its highest since October 3. U.S. gold futures dipped 0.2 percent to $1,498.50.



Treasuries Recap

The Australian government bond yields cheered market investors after trade negotiations began between the United States and China in Washington yesterday, keeping markets hopeful of a positive outcome by end of this week. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped 12 basis points to 1.015 percent, the yield on the long-term 30-year bond surged nearly 13 basis points to 1.615 percent and the yield on short-term 2-year remained tad higher at 0.708 percent.









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#575

Post by B0N3 » Mon Oct 14, 2019 6:36 pm

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






Market Roundup

Gold declines on U.S.-China trade optimism

China's nine-month exports to U.S. down 10.7% in dollar terms



Economic Data Ahead

(0500 ET/0900 GMT) EZ industrial production w.d.a YoY Aug

(0500 ET/0900 GMT) EZ industrial production s.a MoM Aug



Key Events Ahead

(0315 ET/0715 GMT) ECB De Guindos' speech



FX Beat

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.



Equities Recap

Asian shares
advanced amid signs of progress in the U.S.-China trade standoff.

MSCI's broadest of Asia-Pacific shares outside Japan up 0.5 percent.

Tokyo's Nikkei declined 0.2 percent to 21,616.80 points, Australia's S&P/ASX 200 index rose 0.5 percent to 6,825.80 points and South Korea's KOSPI slumped 1.8 percent to 2,030.67 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.

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.



Commodities Recap

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.



Treasuries Recap

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.










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