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Asia Stocks Gain As Fed Meet Looms, Bitcoin Futures Start Trade

Asia Stocks Gain As Fed Meet Looms, Bitcoin Futures Start Trade

2017-12-11 06:24:00
David Cottle, Analyst
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Talking Points:

  • Asian stocks were higher across the region, if not by much.
  • There was little local data on the slate, leaving international news to drive
  • New Zealand Dollar investors learned who is going to be the next central bank governor

What does the retail foreign exchange community make of your current favourite currency? Check out the DailyFX Sentiment Page.

Asian markets were broadly higher Monday as investors looked to this week’s crucial monetary policy call from the US Federal Reserve. Bitcoin futures started trading on the Chicago Board Options Exchange.

The Nikkei 225 ended up 0.56% with all other major bourses in the green as trade ploughed on toward the close. Gains were patchy and uneven, however. The ASX 200 was 0.07% higher in Sydney while Shanghai added 0.7%.

The US Dollar was steady in Asian trade. Friday’s key US employment data showed stronger job creation than had been expected, but disappointing wage data took some of the shine off. The New Zealand Dollar got a boost from news that Adrian Orr will take over as head of the Reserve Bank of New Zealand in late March, 2018. Mr. Orr is currently the boss of New Zealand’s Superannuation fund.

Bitcoin rose sharply as futures started trading in Chicago, topping $16,600. Rapid price rises caused no fewer than two trading halts on the first day of trade, but of course volatility is nothing new for this asset class. The Chicago Mercantile Exchange will be joining the CBOE in catering to the Bitcoin market shortly.

Oil prices slipped thanks to news of higher thanks to data showing US rig numbers had increased. Gold prices, meanwhile, steadied with the Dollar.

Coming up later Monday investors will get a look at the Eurozone Consumer Price Index for November and the US housing market index from the National Association of Home Builders.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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