Asian Stocks Up As Trade War Worries Fade, US Durables In Focus
- Asian stock market screens were green across the region
- Hopes that tit-for-tat trade sanctions can be avoided were behind this strength
- The Reserve Bank of Australia left all its monetary policy settings alone
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Asian stocks made broad gains Tuesday as fears of a global trade war appeared to recede somewhat.
Those fears were stoked last week by news that the US Administration was considering increased tariffs on imported steel and aluminum. However, those tariffs ran into some opposition from the likes of Republican House Speaker Paul Ryan who Monday declared himself worried about them. President Trump also appeared to signal that there might be room for negotiation, and US stocks duly gained after four straight days of losses.
The US Dollar steadied on the receding of those same fears, composing itself against the Japanese Yen against which it hit 16-month lows last week. The Australian Dollar was steady in a busy session for local economic data. Retail sales and trade figures came in a little under forecasts, while the Reserve Bank of Australia left monetary policy alone.
Still to come Tuesday are retail Purchasing Managers Index data from around Europe, but the remains of the day are likely to be dominated economically by US durable goods and factory order numbers
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--- Written by David Cottle, DailyFX Research
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