Asian stocks rally as Dollar slips

Omkar Godbole FXStreet Contributor

Stock markets Asia are trading higher this Monday morning with banking shares leading the way on heightened prospects of roll-back of Dodd Frank act under Trump administration.

At the time of writing, Japan’s Nikkei index was up 0.38%. The stocks strengthened despite 0.20% drop in the USD/JPY pair. Mitsubishi UFJ jumped 4.2% after third-quarter profit unexpectedly rose 17%. Hong Kong’s Hang Seng was up 0.70%. Meanwhile, Australia’s S&P/ASX 200 was up 0.18%.

The Dollar Index fell 0.1% following the release of dismal US wage growth numbers on Friday. The greenback has suffered losses for six straight weeks.

The main focus this week is on the central banks – RBA, RBNZ, RBI. At the end of the Japan’s Prime Minister Shinzo Abe will meet US President Donald Trump at the White House.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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