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

Real Time News
  • 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 Inch Up, Mark Time Before US Healthcare Vote

Asian Stocks Inch Up, Mark Time Before US Healthcare Vote

David Cottle, Analyst

Talking Points

  • Asian stocks crept higher after a shaky couple of days
  • Investor focus is on Washington and a key healthcare vote
  • The US Dollar ticked up a little, too

Asian stocks were mostly higher on Thursday, taking cues from Wall Street’s rather more composed last session. Traders awaited a key US Congressional healthcare vote, which is widely being seen as a gauge of the Trump Administration’s legislative power.

The Nikkei 225 ended up 0.2% after a rather listless session which saw it on both sides of the start line at times. Markets have been keeping an eye on headlines out of Tokyo concerning the relationship between Prime Minister Shinzo Abe’s wife and the Principal of a school which may have bought land at a fraction of its market price. Abe has denied any wrongdoing.

In Sydney, the ASX 200 recovered some poise to end up 0.3%, despite some more worries about the likely path of iron-ore prices. The ore is a key Australian export. Over in Seoul the Kospi gained 0.2%, meanwhile, but in China the Shanghai composite slipped into the red by the close.

In foreign-exchange markets the US Dollar edged up from four-month lows, but gains were capped as these markets too waited on events in Congress. The UK Pound Sterling initially took a hit from a presumed terror attack near the Houses of Parliament in London on Wednesday, but did not stay down for long.

The New Zealand Dollar held steady as the country’s central bank left monetary policy unchanged, as expected, and said it would remain accommodative.

Crude oil prices rebounded from Wednesday’s losses, but swollen US inventories and rising output remain a worry for the market. Meanwhile gold prices steadied below the previous session’s three-week highs as the US Dollar recovered.

Coming up in the European and North American sessions will be UK retail-sales data and the European Central Bank’s economic bulletin, along with US existing-home sales and initial jobless claim numbers.

Federal Reserve Chair Janet Yellen will speak, but she’ll do so at a Community Development Conference at which she may not offer many policy clues. The Bank of England’s Deputy Governor Ben Broadbent is also due to talk publicly, in London.

Would you like to know more about trading the financial markets? DailyFX’s trading guide should be your first stop.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

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