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Asian Markets Rise On US Payroll Hopes, Despite Paris Withdrawal

Asian Markets Rise On US Payroll Hopes, Despite Paris Withdrawal

David Cottle, Analyst


Talking Points:

  • Asian stocks ran with a strong US lead as investors looked to Stateside labor data
  • The Nikkei stood out, gaining strongly as the Yen weakened
  • Oil slipped as investors mulled US withdrawal from the Paris climate agreement

If you trade Asia/Pacific Markets check out the DailyFX trading guide

A very strong Wall Street finish in the previous session set the tone for Asia/Pacific traders’ Friday, even as markets looked back toward the US and official labor statistics, which are due later.

The markets are looking for a rise of 180,000 nonfarm jobs for May and an overall unemployment rate steady at 4.4% when the figures are released at 1230 GMT. The Nikkei 225 rose by a punchy 1.6%, with a weaker Yen helping that index’s plentiful export names. The ASX 200 added 0.9%. Mainland Chinese stocks were exempt from the party, with Shanghai off by 0.2% into the close.

Those US Dollar gains on the Yen came in an otherwise-calm currency market. The Australian Dollar bounced from Thursday’s China-data-inspired losses, and got a little further lift from new home sales in its home country which rose in April. There wasn’t much other Asian data on tap, but investors did learn that Japanese consumer confidence came in broadly as expected for May. The session's other big news was US President Donald Trump's announcement that the US would indeed withdraw from the Paris climate change accords.

The spot gold price hit its lowest point for a week as investors look to the prospect of higher US interest rates this month. It hit $1,258.60/ounce before recovering a little. Crude oil prices were down too, with losses of about 20 cents apiece for the US benchmark in international Brent.

The rest of the global day will be dominated by the wait for, and then the reaction to, those US employment figures. There are some other data scraps due, from the UK’s construction Purchasing Managers Index to the latest look at Eurozone producer prices. But they’ll be payrolls’ warmup acts, at best.

--- 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.