- Asian equities have rebounded firmly as Fed Powell’s testimony has underpinned dip-buying.
- Japan markets are underperforming on mixed PMI data.
- In today’s session, investors will keep an eye on the release of the US PMI.
Markets in the Asian domain have rebounded as dip-buying has kicked in after a bearish Wednesday. Asian equities have witnessed a responsive buying action, which dictates that the indices are extremely oversold and are a value-bet now.
At the press time, China A50 jumped 0.53%, Hang Seng gained almost 1%, and Nifty50 added 0.69% while Japan Nikkei225 eased 0.34%.
Federal Reserve (Fed) chair Jerome Powell’s testimony has infused fresh blood into the risk-perceived assets. Investors have ignored the hawkish guidance for July monetary policy but have focused on the statement that the US economy is strong enough to face the consequences of higher interest rates. Thanks to the upbeat growth prospects and tight labor market, which are acting as supportive catalysts for the Fed to tighten the policy without much hesitation.
The Japanese markets have diverged from the positive Asian indices amid mixed Purchase Managers Index (PMI) data. The Services PMI has landed at 54.2, significantly higher than the estimates and the prior print of 52.2 and 52.6 respectively. While the Manufacturing PMI has slipped to 52.7 from the consensus of 54.4 and the former figure of 53.3.
Going forward, investors’ focus will remain on the US PMI. As per the market consensus, the Manufacturing PMI is expected to slip to 56 from the prior print of 57. While the Services PMI may advance marginally to 53.5 from the former figure of 53.4.
|Today last price||26259.85|
|Today Daily Change||0.00|
|Today Daily Change %||0.00|
|Today daily open||26259.85|
|Previous Daily High||26440.33|
|Previous Daily Low||25998.39|
|Previous Weekly High||27263.29|
|Previous Weekly Low||25595.6|
|Previous Monthly High||27479.24|
|Previous Monthly Low||25531.19|
|Daily Fibonacci 38.2%||26167.21|
|Daily Fibonacci 61.8%||26271.51|
|Daily Pivot Point S1||26025.38|
|Daily Pivot Point S2||25790.92|
|Daily Pivot Point S3||25583.44|
|Daily Pivot Point R1||26467.32|
|Daily Pivot Point R2||26674.8|
|Daily Pivot Point R3||26909.26|
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.