Asian Markets End Mixed As Key BOE Rate Decision Looms
- Asian stocks put in a mixed performance
- The Nikkei was the standout gainer, adding another 0.5%
- The UK Pound held up as investors looked toward the Bank of England’s monetary policy call
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Asian stock markets put in a mixed performance Thursday, as did their US counterparts the session before as the US Federal Reserve held interest rates steady.
There were more gains for the seemingly unstoppable Nikkei 225- which rose 0.53%- but a weaker performance elsewhere. Australia’s ASX 200 shed 0.3% despite some early gains for the mining sector. Major lender NAB posted adequate results but its stock fell on news of large job cuts. Chinese stocks finished moderately lower as did South Korea’s Kospi.
In the foreign-exchange space the US Dollar pulled back from a three-month peak against the Japanese Yen as investors looked nervously toward US tax legislation from which much is expected. The Australian Dollar got a strong boost from domestic trade and house-building data which both blew expectations out of the park. The British Pound didn’t go far through the Asian session but it held up at relatively high levels against the greenback as investors await Thursday’s monetary policy call from the Bank of England. Bank Rate is expected to rise for the first time since the end of the financial crisis, while the central bank’s regular inflation report is also due.
Still to come this session is the release of official German unemployment figures, along with the UK’s Purchasing Managers Index for the construction sector. US initial and continuing jobless claims are coming up too.
--- 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.