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
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/IAwKQiZzaC
  • RT @FxWestwater: New Zealand Dollar May Fall Further as Stimulus-Driven Yield Climb Continues Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/09/New-Zealand-Dollar-May-Fall-Further-as-Stimulus-Driven-Yield-Climb-Continues.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/6…
  • Wall Street Futures Update: Dow Jones (+0.43%) S&P 500 (+0.47%) Nasdaq 100 (+0.62%) [delayed] -BBG
  • #ASEAN FX appear in trouble vs #USD in the near-term amid rising Treasury yields (see link) My ASEAN-based USD index confirmed a break under key falling resistance from April Prices face the 200-day SMA, a break higher may open the door to more gains https://www.dailyfx.com/forex/fundamental/article/special_report/2021/03/08/US-Dollar-Outlook-Treasury-Yields-May-Continue-Pressuring-ASEAN-Emerging-Market-FX.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/JtYW6TfeZO
  • 🇯🇵 GDP Growth Rate QoQ Final (Q4) Actual: 2.8% Expected: 3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 GDP Growth Annualized Final (Q4) Actual: 11.7% Expected: 12.8% Previous: 22.9% https://www.dailyfx.com/economic-calendar#2021-03-08
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-09
  • Heads Up:🇯🇵 GDP Growth Rate QoQ Final (Q4) due at 23:50 GMT (15min) Expected: 3% Previous: 5.3% https://www.dailyfx.com/economic-calendar#2021-03-08
  • Heads Up:🇯🇵 GDP Growth Annualized Final (Q4) due at 23:50 GMT (15min) Expected: 12.8% Previous: 22.9% https://www.dailyfx.com/economic-calendar#2021-03-08
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/oRpRpLo55M
Asian Stocks Pressured Again, Fed Minutes Weigh On US Dollar

Asian Stocks Pressured Again, Fed Minutes Weigh On US Dollar

David Cottle, Analyst

Talking Points

  • Asian markets were lower on Thursday, focused on Wall St. for lack of other news
  • The US Dollar failed to find support in Federal Reserve minutes which were objectively quite hawkish, but apparently a bit less so than markets had anticipated.
  • Weakness in private capital spending hit the Australian Dollar

Most Asian markets were lower Thursday following a mixed finish on Wall St. the day before and minutes from the Federal Reserve’s last policy meeting which suggested that an interest rate hike could come “fairly soon.”

The S&P 500 slipped a little after this. The Dow made a ninth straight record close, but only inched up 0.2% to do so.

The Nikkei 225 fell 0.3% in the afternoon, but ralied into the close to finish down by a whisker. The Kospi fared better, pushing into the green as the session faded. Markets in Hong Kong and mainland China both lost ground while Sydney’s ASX 200 shed about 0.4%. It actually saw some fairly widespread sectoral gains, but they were too small to negate marked weakness in raw materials.

The US Dollar tended to weakness. Those Fed minutes failed to give it much of a boost, apparently “hawkish” on rates though they were. Markets had been increasingly convinced that higher rates could come as soon as March. While that is clearly still a possibility, the minutes have been taken to mean that a later move may be more likely. The Dollar weakened against both Yen and Euro, although the Australian Dollar was hit by shock news of markedly weaker private capital spending.

Crude oil prices traded higher through the session, with both the US and Brent benchmarks adding a little under 1%. The American Petroleum Institute said on Wednesday that US inventories slipped last week, when analysts had been looking for a rise.

The rest of the global day will offer more energy-price clues in the shape of natural gas storage levels from the US Energy Information Administration. On top of that investors can look forward to US weekly jobless claims numbers and the national house price index. Atlanta Fed President Dennis Lockhart is due to speak but it seems as if he will be taking a turn down memory lane. His subject will be his own ten-year tenure at the Fed.

Want to know more about the financial markets? Take a look at the DailyFX trading guide

--- 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