News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here: https://t.co/TUVnO3bO1P https://t.co/vBLkMKjf4x
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/n8vpmuLdTW
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/CZePv1JEFh
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/AVpY2GkGUG
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/IUii5478Jf
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears. .Get your market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/TCBkQdrMAR
  • RT @jposhaughnessy: BOOM! Mystery solved. https://t.co/njXlgejE0j
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/pH0HQmNX14
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/qxKvC8FAVd
  • The British Pound is eyeing a push to fresh yearly highs against the US Dollar. However, various technical setups suggest GBP could lose ground to JPY, EUR and NZD in the near term. Get your $GBP market update from @DanielGMoss here:https://t.co/NSUnZnPb4Q https://t.co/RuBAAWS37w
Asian Stocks Struggle Despite Some Data Bright Spots

Asian Stocks Struggle Despite Some Data Bright Spots

2017-01-10 08:11:00
David Cottle, Analyst
Share:

Talking Points:

  • Asian stocks endured a rather lackluster session Tuesday, with bulls disinclined to press their cases
  • The data picture was generally quite encouraging, although Australian consumers were much gloomier than expected
  • Sterling got some respite and the Dollar weakened against the other majors

Asian equity action was really all about Wall Street again on Tuesday, with stocks under some duress thanks to the Dow’s further backdown from that tantalizing 20,000 mark the session before (and apparently ignoring a new record for the Nasdaq). Crude oil prices’ sharp overnight slide didn’t help much either.

There were some dabs of local colour –notably, a strong sign that China’s economy is looking healthier – but that wasn’t enough to override the overall caution.

Australia’s benchmark ASX fell nearly 1% at one point, with losses apparent everywhere except for the gold miners, which continued their bullish start to the week. Over in Japan the Nikkei 225 lost a little ground. This was probably due to the slightly weaker overall tone in USD/JPY, something which never gives the exporter-heavy index much cheer.

The ASX endured a day of general weakness

Asian Stocks Struggle Despite Some Data Bright Spots

Chart compiled using TradingView

Shares in China and South Korea also lacked vigor, in the former case despite a set of official inflation figures which showed that the Chinese economy has banished deflation. They showed factory gate prices moved at their strongest clip since September 2011 in December. Consumer prices weren’t anything like as perky but they were still clearly positive.

Hong Kong stocks managed to buck the trend, rising in step with local commodity movers, notably coke and rebar (a type of traded steel).

The rest of the session’s Asian data was a bit of a mixed bag. Australia’s consumers were less-than-enthused in November. That said, the question of whether they were really gloomy or simply drawing in their retail-spending horns before the holiday season will have to be answered by later data.

Japanese consumer confidence, meanwhile, was revealed to have been as high as its been all year in December. Whether or not that will be enough to break a long slide in household spending must remain unclear until those numbers are released at the end of this month.

Looking ahead to the European and US session, the markets await news of Canadian building permit levels and, more crucially, US employment levels as measured by the Job Openings and Labour Turnover Survey (JOLTS).

In the currency markets, the British Pound steadied a little from the hammering it had received on Monday as fears of a “hard Brexit” grew. However, as much of that punishment was meted out in the European session anyway, it would be brave to suggest that sterling was as low as it’s going. The US Dollar was a little weaker against other major peers, with traders seemingly content to bank some profit on the latest gains.

DailyFX analysts have penned their first-quarter forecasts. Take a look at them here.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES