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Asian Stocks Higher As Investors Look to Earnings, CAD Strong

Asian Stocks Higher As Investors Look to Earnings, CAD Strong

David Cottle, Analyst


Talking Points:

  • Asian stocks bowed out mostly higher
  • The Hang Seng was a notable exception but it only slipped a little
  • The Canadian Dollar is still reaping the benefit of strong local labour data

Asian stocks were mostly higher Monday, trackng US gains at the end of last week which came despite a disappointing set of official employment data.

The local session was very short of economic news, which left investors to chew over old themes and to look forward to earnings releases from regioanl corporates later in the week. That saw the Nikkei 225 up 0.9% at the close, but it was the most marked gained. Australia’s ASX 200 added just 0.1% while the Hang Seng hovered just below its opening level. That was the only splash of red on the mainboards, however.

The US Dollar held steady just above three-month lows against a basket of its most-traded peers. The Canadian Dollar remained the currency to beat as strong domestic job creation has investors wondering how much longer interest rate hikes can be delayed. The Bank of Korea was reportedly seen buying the US Dollar against its local unit in an intervention effort.

Gold prices retreated slightly but remained relatively firm, while crude oil prices edged higher on news of a lower US rig count. They remained below their recent highs, however.

The rest of the day doesn’t offer much for those awaiting the data. Eurozone retail sales for November are coming up but they stand alone as the probable highlight.

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--- 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.