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Asian Markets Bring Third Quarter’s Curtain Down With Caution

Asian Markets Bring Third Quarter’s Curtain Down With Caution

David Cottle, Analyst


Talking Points:

  • Asian stocks finished the week with a session of narrow, mixed trade
  • Most bourses held above the start line but the Nikkei 225 couldn’t quite make it
  • The US Dollar held up but didn’t rise far

Find out what the trading community makes of your favorite currency play at the DailyFX Sentiment Page

Asian markets were mostly higher as Friday put a line under 2017’s, third quarter although the bellwether Nikkei 225 was nursing very marginal losses by the closing bell.

There was little in the way of news for local markets to digest.Lingering questions about how the latest tax plan from the US administration will be funded seem to have curbed some of the enthusiasm for it which marked Thursday’s trade.

The Nikkei 225 was off by 0.03%, but most other markets were in the green, if not by much. The ASX 200 was up 0.2% with Chinese indexes higher by a similar amount. However the MSCI Asia ex-Japan benchmark is on course for its first losing week in seven.

The Japanese Yen was lower in a busy day for domestic data which saw the US Dollar broadly hold up. August’s Consumer Price Index rose by 0.7% on the year. That was its highest point for two years and extended the run of consecutive gains into an eighth month, with industrial production strong too. However, more dovish commentary from the Bank of Japan was released in the Summary of Opinions from last week’s monetary policy decision. This seems to have taken precedence over the data judging by the Yen’s slip.

Gold prices were steady, but look set for their first monthly loss in three. Crude oil prices were up a little, reportedly as the market looks to increased demand and, perhaps, further production cuts.

The European session will bring German employment data and Eurozone consumer price numbers. The US personal consumption release is coming up too, as are revised second-quarter Gross Domestic Product information from the UK, and July’s GDP roundup from Canada. The International Monetary Fund’s Director Christine Lagarde will speak in London.

--- 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.