Asian stocks rose after reports from U.S. housing to manufacturing showed the world’s largest economy is strengthening. Japan’s Nikkei 225 Stock Average headed for a 10th day of gains, the longest winning streak in 26 years.
Iluka Resources Ltd. climbed 4 percent in Sydney, leading an advance in the region, after posting an unexpected profit. Santos Ltd. advanced 3.8 percent as earnings advanced at the Australian oil and gas producer. SoftBank Corp. accounted for the largest gain on the Nikkei 225, rising 0.8 percent in Tokyo.
The MSCI Asia Pacific Index added 0.1 percent to 148.58 as of 9:23 a.m. in Tokyo, on course for a second week of gains, before markets open in Hong Kong and China. The gauge is trading within 1 percent of a six-year high as investors await clues on the timing of U.S. interest-rate increases from Federal Reserve Chair Janet Yellen, who speaks today at a Kansas City Fed conference in Jackson Hole, Wyoming.
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AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'