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Asian Stocks Rise Modestly, Bitcoin Price Clobbered Once Again

Asian Stocks Rise Modestly, Bitcoin Price Clobbered Once Again

David Cottle, Analyst

Talking Points:

  • Asian stocks broadly tracked the US up on Friday
  • The Euro was pressured by separatist victory in Catalonia’s elections
  • Bitcoin took yet another major hit

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Asian markets had to endure a complete lack of local economic news Friday which left them little to do but track Wall Street’s moderate Thursday gains.

The Nikkei 225 added 0.16%, with the ASX 200 0.15% higher. Most major bourses were in the green with the exception of the Shanghai Composite which bobbed around its opening levels as the closing bell loomed.

The US Dollar edged upward with the Euro slightly beleaguered by news of a win for separatist parties in Catalonia’s regional elections. The Japanese Yen was steady on news of its home country’s latest budget in which defence spending was a notable riser. The Australian and New Zealand Dollars were higher too, reportedly thanks to higher commodity prices. Bitcoin volatility continued with the cryptocurrency leader losing over $2000 at once point to trade under $14,000. Oil prices were weighed down by reports of rising US supply while gold prices remained on course for a second week of gains.

Still to come Friday are Gross Domestic Product data from France, the UK and Canada but the day’s economic highlight will probably be US durable goods order numbers. The University of Michigan’s consumer confidence snapshot is also coming up.

--- 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.