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ASX 200 Misses Broad Asian Gains On Political Nationality Storm

ASX 200 Misses Broad Asian Gains On Political Nationality Storm

2017-10-27 06:49:00
David Cottle, Analyst
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Talking Points:

  • Most Asian bourses ended higher Friday
  • Australia’s was the big exception.
  • The country’ Depity Prime Minister is ineligible for office and his seat is the government’s majority

The year’s final quarter is well under way, but what does it hold for major currencies, stock indexes and commodities? Check out the new DailyFX forecasts.

Most Asian stock indexes tracked Wall Street higher on Friday with the exception of Australia’s ASX 200. It slipped thanks to a political storm which threatens the government.

The country’s Deputy Prime Minister Barnaby Joyce has been disqualified from office because he has been judged to have held dual nationality at the time of his election. There has been a smouldering political storm over dual nationality in Australian politics for some time but this latest flare is significant because it could mean that the government’s wafer-thin majority- one seat- is lost. Australia’s constitution prohibits dual-nationalists from election.

The ASX was down 0.2% at the close, but the Nikkei 225 added 1.2% with all other major Asia/Pacific indexes in the green.

The Australian Dollar took a modest hit on the Joyce story on a day which saw the US Dollar garner general support. EUR/USD hit three-month lows as markets digested Thursday’s European Central Bank monetary policy call and found it less “hawkish” than had been expected. The Japanese Yen didn’t rise far despite another quite strong inflation print from its homeland.

Gold prices slipped a little on that stronger US Dollar while crude oil prices rose, reportedly on Saudi support for an extended production cut.

Asian traders may now be contemplating the weekend but there are some big data still to come Friday. Top of the bill will be official US third-quarter Gross Domestic Product Numbers, but the University of Michigan’s consumer confidence indicator is also due.

--- 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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