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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Asian Stocks Up Sharply As Risk Appetite, USD Bounce Back

Asian Stocks Up Sharply As Risk Appetite, USD Bounce Back

David Cottle, Analyst

Talking Points:

  • Asian stocks rose across the board Monday
  • Much of this was down to a lack of any further bad news rather than anything more solid
  • The US Dollar came back up too, to the chagrin of gold bulls

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Asia Pacific stocks ended higher for a change on Monday as risk appetite returned to the markets, sending the US Dollar higher.

Some investors had feared that North Korea could undertake a new weapons test over the past weekend as part of a show of defiance on its national day, September 9. However, in the event there were no reports of such a thing although Pyongyang did make some threatening anti-US noises at the prospect of further UN sanctions, as now spearheaded by Washington.

A lack of bad news from the Korean peninsula seems to have overridden market worries about the impact of Hurricane Irma which has made damaging landfall in the US having ravaged the Caribbean. The Nikkei 225 ended up 1.4%, with all other major bourses firmly in the green. Weekend news of more relaxed Chinse bank capital requirements also seems to have lifted the general mood. It seems that Beijing is removing some of the more aggressive steps it put in place last year to limit capital outflows.

In the foreign exchange market the US Dollar rose back above 108 against the Japanese Yen, having been as low as 107.31 Friday. The session’s major economic data came from Japan, with machine orders rising, but the markets’ focus was elsewhere.

Spot gold prices lost about 0.8% as the greenback firmed up. Crude oil prices meanwhile edged up by nearly 1% on reports that Saudi Arabia has discussed extending output cuts with other producing nations. This news trumped for the moment any worries investors may have had about hurricane impact on prices.

The economic slate is thinly populated for the rest of the session, with Canadian housing starts and US consumer inflation expectations likely to top the bill. European Central Bank Executive Board member Benoit Coeure will speak in Frankfurt.

--- 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.