Talking Points:
- Asian stocks were mostly lower
- Reports that National Security Adviser HR McMaster would be fired supported haven assets
- Australia’s equity managed rare gains
Join our analysts for live and interactive coverage of all the major economic data at the DailyFX Webinars
Asian stocks were mostly lower Friday with worries about rising global trade protectionism back front and center. US media reported this week that the Trump Administration wanted to impose tariffs on at least $30 billion of imports from China, with Reuters saying that it could be as high as $60 billion - these in addition to possible tarriffs on steel and aluminum imports. This has once more raised worries about retaliatory action from Beijing.
Politics were also to the fore with reports Friday saying that National Security Adviser H.R. McMaster is to be sacked, in what would be another high-profile White House departure not long after the resignation of economic aid Gary Cohn earlier this month.
The Nikkei 225 shed 0.6% with most other regional bourses lower. Australia’s ASX 200 bucked the trend, rising 0.5% into the close. Consumer staples led it higher, with news that retail giant Wesfarmers would spin off its Coles supermarket arm well received.
The US Dollar was weaker on those McMaster reports, with the Japanese Yen notably higher as risk aversion seemed to rise. Senior DailyFX Currency Strategist Ilya Spivak thinks its gains could have further to run. Gold prices were steady through the Asian session, while oil prices looked headed for a week of falls as the prospect of ever increasing US supply weighs.
Still to come Friday are official Eurozone Consumer Price Index data for February, US housing start and building permit numbers and the University of Michigan’s monthly look at consumer sentiment.
Resources for Traders
Whether you’re new to trading or an old hand DailyFX has plenty of resources to make you better. There’s our trading sentiment indicator which will show you how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.
--- Written by David Cottle, DailyFX Research
Follow David on Twitter @DavidCottleFX or use the Comments section below to get in touch!
