Asian shares are set for a positive trading session on Tuesday after a relatively inspiring handover from Wall Street overnight. Australia’s benchmark S&P ASX 200 index was little moved in early trade, while the Australian dollar traded at $0.7922 to the dollar – near Monday’s six-year low.
Weakness in iron ore prices, which fell to their lowest in over five years on Monday, weighed on mining shares; Fortescue Metal slumped 8.2 percent, while BHP BIlliton and Rio Tinto opened down nearly 3 percent each.
Japanese shares are poised for a rebound, after a victory by anti-austerity party Syriza in Greece dampened trading sentiment in the previous session. Stock futures in Osaka and Chicago traded at 17,670 and 17,725, above the Nikkei 225’s previous close of 17,468.
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EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
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