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Asian Stocks Bounce Back As New Week Starts, US Dollar Firmer

Asian Stocks Bounce Back As New Week Starts, US Dollar Firmer

David Cottle, Analyst

Talking Points:

  • Asian stocks were mostly higher
  • Chinese markets remain out for holiday while the US will also be absent Monday for a break
  • The US Dollar’s slide was arrested but it remains under pressure

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Asian stock markets rose Monday, tracking the extension of the S&P 500’s winning streak to six days on Friday.

Investors were caught to soem extent between the ongoing Chinese New Year break and the fact that Monday is a US holiday too. Still, there was plenty of green on the screens with the Nikkei 225 up by 1.9% and Australia’s ASX 200 0.6% higher, the latter having overcome early losses.

The US Dollar found a floor as a new week got under way and managed to hold above last week’s three-year lows against its major traded rivals. The greenback enjoyed a modest boost against the Japanese Yen as trade data from the latter’s homeland showed extremely robust exports. Clouds of potential protectionism still glower however as the White House mulls a range of tariff options on imported steel and aluminum, bringing a storm of objections from China, South Korea and Japan. Staying with trade, there were reports through the session that the US, Japan, Australia and India were considering a rival to China’s ‘belt and road’ initiative.

Crude oil prices rose with Asian equity and as investors nervously eyed still-rising tensions between Israel and Iran, with direct confrontation between the two apparently more likely. Brent crude hit two-week highs. Gold prices slipped back as the US Dollar firmed.

There’s not a lot left on Monday’s economic data schedule. Current account and construction output figures from the Eurozone are coming up but that’s about it.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter: @DavidCottleFX or us the Comments section below to get in touch

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