Asian Stock Market: Wall Street bulls support carry-forwarded buying, DXY firms
- Asian equities have carry-forwarded their positive tone on positive Wall Street.
- The DXY is aiming to recapture its fresh 19-year high at 107.26.
- Investors have ignored the lower consensus for the US NFP and have underpinned the DXY.
Markets in the Asian domain have carry-forwarded their buying spree on Friday after tracking strong cues from Wall Street and other global markets. Indices in Wall Street displayed a stellar performance on optimism over the result season for the second quarter of CY2022.
At the press time, Japan’s Nikkei225 surged 0.75%, China A50 added 0.31%, Hang Seng advances 0.17%, and Nifty50 jumped 0.65%.
The US dollar index (DXY) has displayed a firmer rebound in the Asian session and is near to recapturing its 19-year high at 107.26, recorded this week. Investors have ignored the lower expectations for the US Nonfarm Payrolls (NFP) and have started channelizing funds into the safe-haven asset. The market participants are expecting the release of the US NFP at 270k, much lower than the prior print of 390k. In spite of that, investors are underpinning the DXY. Apart from that, the Unemployment Rate is expected to remain unchanged at 3.6%.
The figures for Average Hourly Earnings will remain critical for the US economy. The inflation rate is skyrocketing in New York and stagnancy in the economic data will put more burden on the paychecks of the households. This may also result in a loss of overall demand in the economy quantity-wise.
In early Tokyo, ex-Japanese Prime Minister Shinzo Abe was shot during his speech at a rally in Nara. The ex-Japan PM is unconscious and is showing no signs of recovery yet.
Author
Sagar Dua
FXStreet
Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.
