Asian Stocks Gain As Risk Appetite Flourishes, US Dollar Pressured
- Asian indexes scored broad gains as the Dow topped 25,000
- Australian trade data gave that nation’s currency a shock
- US payroll numbers will dominate the coming session
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Asian indexes had a great tailwind Friday with the Dow closing above 25,000 for the first time in the US, and the vast majority duly rose.
Already elevated, the Nikkei 225 made a 26-year peak before closing up 0.9% while Hong Kong’s Hang Seng hit its highest point for a decade.
In the foreign exchange market, the US Dollar was still under sporadic pressure. The Euro loitered near three-year peaks while a general improvement in risk appetite took its customary toll on the haven Japanese Yen. The Australian Dollar was knocked by shock news of a November trade deficit, when a rising surplus had been expected, and stayed down though the session.
The day’s economic highlight will of course be December’s official US labour market numbers. The key release within that will be the change in nonfarm payrolls with a respectable gain of 193,000 jobs expected.
Playing support for that headline act will be Germany’s retail Purchasing Managers Index, Canada’s employment figures and the eurozone Consumer Price Index.
--- 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.