Asian shares struggle to keep recent gains around two-week top.
Sino-American trade chatters are back in fashion, RBNZ’s Orr weighs on NZX 50.
Aussie Capex, China Industrial Production came in softer for April.
US Treasury yields remain firm, test the market bulls ahead of the key data.
Asian equities remain sidelined around the fortnight top during early Thursday. While portraying the mood MSCI’s index of Asia-Pacific shares outside Japan drops 0.30% intraday, stays near the two-week top flashed the previous day, whereas Japan’s Nikkei 225 drops 0.50% heading into the European session.
Given the mixed chatters concerning the US-China trade deal and Beijing’s commodity crackdown, not to forget firmer US dollar yields, global markets remain offbeat central bankers keep favoring the easy money policies. While the Fedspeak and ECB comments straightaway rejects tapering concerns, the People’s Bank of China (PBOC) is likely not to interfere even as the domestic currency jumps to a multi-month high.
Elsewhere, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr reiterated the previous day’s bullish bias and readiness to rake hike in late 2022, which in turn dragged the NZX 50 for one more day, down 1.07% intraday by the press time. On the contrary, Australia’s ASX 200 prints mild gains as downbeat data from home and abroad favor easy money policies.
South Korea’s KOSPI reacts to the Bank of Korea’s (BOK) status-quo with mild losses but Indonesia’s IDX Composite becomes the biggest gainer of the day, up 1.25% on a day, amid upbeat Money Supply Growth data and hopes of economic recovery.
India’s BSE Sensex struggles for a clear direction as hopes of stimulus battle with a slower pace of vaccinations and allegations of red tape as the pandemic effects ease of late.
On a broader front, the S&P 500 Futures drop 0.15% amid firmer US Treasury yields and expectations of strong US economics favoring the short-term up-move in inflation.
Moving on, US Durable Goods Orders and Fedspeak can entertain investors ahead of Friday’s key Core Personal Consumption Expenditure (PCE) Price Index data.
Read: US Durable Goods Orders April Preview: Jobs should equal spending
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.