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Asian Markets All Swoon As Fed Rate Hike Excpectations Grow

Asian Markets All Swoon As Fed Rate Hike Excpectations Grow

2018-02-05 06:19:00
David Cottle, Analyst

Talking Points:

  • Asian stocks fell Monday across the region
  • Strong US payroll data saw Wall Street wobble as investors priced in higher interest rates
  • Local data were reasonably strong but largely ignored, the Bank of Japan insisted monetary policy will stay loose

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Asian stocks were down across the board Monday as last week’s strong US employment figures sent bond yields higher in anticipation of yet-higher interest rates ahead.

The Nikkei 225 slid 2.55% with Australia’s ASX down 1.6%. Chinese and South Korean stocks were all firmly in the red as their respective sessions headed into the close.

The US Dollar was steadier against Asia Pacific majors as well it might have been with Treasury yields climbing once again.The Japanese Yen didn’t gain much support despite yet more assurance from Bank of Japan Governor Haruhiko Kuroda that current, ultra-loose monetary settings won’t chance any time soon. Kuroda pointed again to the weakness of inflation, said that the BoJ was only halfway toward achieving its inflation target.

The Australian Dollar made modest gains in a session which saw some reasonably strong numbers out of its home economy on both inflation and job advertisements. A strong Purchasing Managers Index print for China’s private service sector probably helped a bit too. However with the year’s first interest-rate decision from the Reserve Bank of Australia coming up on Tuesday, many investors are probably holding off. The RBA isn’t expected to alter its monetary settings but investors will be keen to gauge its current thinking having heard little from it this year to date.

Crude oil prices slipped on a firmer Dollar tone with international benchmark Brent touching a one-month low. Gold prices were similarly afflicted. Bitcoin and other cryptocurrencies remained offered with more falls seen across the complex.

Still to come Monday are various PMI releases from around Europe and the US along with the Institute for Supply Management’s composite release.

--- 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.