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AUD/USD drops after NDRC suspends China-Australia economic development talks

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  • Wall Street Futures Update: Dow Jones (-0.015%) S&P 500 (-0.096%) Nasdaq 100 (-0.191%) [delayed] -BBG
  • The US Dollar may continue trading lower against ASEAN currencies, with USD/SGD and USD/THB eyeing key support ahead. USD/IDR and USD/PHP also exhibit bearish postures. Get your market update from @ddubrovskyFX here:https://t.co/A5n9A8NBy4 https://t.co/5Eud5rCxyc
  • Do you think Dow Jones will outperform Nasdaq in May?
  • RT @KyleR_IG: First gaslighting, and now the silent treatment. This isn't a healthy relationship.
  • NDRC halts activities under China-Australia economic dialogue [update via Bloomberg] - cites Australia's disruption of cooperations with China $AUDUSD slipping lower, falling to lows of the day, China is AU's largest trading partner, feeling disruption woes #AUD #NDRC https://t.co/xQ8W11UVL2
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.00% Oil - US Crude: -0.13% Silver: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rO6XynukTE
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/8lJQ0eheXN
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇦🇺AUD: 0.05% 🇪🇺EUR: 0.03% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.05% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5vSj1gpuhD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.94%, while traders in France 40 are at opposite extremes with 81.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/w9YlTeEscN
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/7tbKUVpC3F
Asian Stocks Mixed, US Dollar Capped By Fed Comments

Asian Stocks Mixed, US Dollar Capped By Fed Comments

David Cottle, Analyst

Talking Points:

  • It was another mixed session for Asian stocks which largely mirrored Wall Street’s fortunes
  • Australian house prices leaped higher, according to official data, as the country’s central bank was revealed to be more worried about froth in this market
  • The US Dollar slipped as investors doubt another rate hike will come hard on the heels of this month’s

Asian stocks were mixed again on Tuesday, as were their Wall Street counterparts in the session before, with a softer US Dollar weighing on possible progress.

The greenback was held back by Chicago Federal Reserve President Charles Evans. He said on Monday that the Fed was in no rush to raise interest rates again, and may wait until at least June before deciding on another hike.

The Nikkei slipped as Japanese markets returned to full strength after Monday’s holiday, ending down 0.3% as that weaker US Dollar hit exporters. However, Seoul’s Kospi added 1.06% to hit an intra-day high for the year. Investors appear pleased that the long process of Presidential impeachment in the country has at least ended, although former President Park Geun-hye saw prosecutors on Tuesday for further questioning.

Australia’s ASX slipped 0.1%, dragged down by a weaker raw materials sub-index. The minutes of the Reserve Bank of Australia’s March policy meeting again highlighted risks from a frothy housing market. They were released at the same time as an official survey which showed house prices stormed upward in the final quarter of 2016. Chinese stocks managed very modest gains.

The US Dollar was broadly lower through the Asian session, with Mr. Evans comments getting much of the blame.

Crude oil prices slipped again as investors again worried about persistent supply overhang even in the face of production cuts. Gold prices edged down too, but nevertheless held near two-week highs. The prospect of Fed hikes delayed won’t trouble gold bulls.

Coming up on the global data schedule we have UK inflation numbers, Canadian retail sales and the US trade balance. There are three Federal Reserve speakers on tap too: New York Fed President Bill Dudley, Kansas City Fed chief Esther George and Cleveland’s Loretta Mester.

Would you like to know more about trading the foreign exchange market? The DailyFX trading guide is for you.

--- 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.

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