News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/IyQdfq29fz
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/R7pa7DsM8n
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/EhdZpmkzaH
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/23/Dow-VIX-Tesla-and-Leverage-Reflect-Greater-Risk-to-the-Relentless-Bull-Market.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/KBOJIRPTQe
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/qP2PbS4dsY
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/POGWDIkqqz
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here: https://t.co/5GO9UrvO4y https://t.co/H76jNJJxU5
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/1TiEWCbJ6t
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
Asian Stocks Down Once More On US Tech Woes, Trade Worries

Asian Stocks Down Once More On US Tech Woes, Trade Worries

David Cottle, Analyst

Talking Points:

  • Asia Pacific stocks were short of local cues, leaving Wall Street to drive
  • That meant they headed lower as US tech is in an unwelcome spotlight
  • The Reserve Bank of Australia left interest rates alone at record lows, as expected.

Find out what retail foreign exchange traders think of all the major currencies in real time at the DailyFX Sentiment Page

The woes of US technology giants spilled over to Asian stock markets once again on Tuesday, which is hardly surprising given that so many of their suppliers are in the region.

Facebook, Alphabet Netflix and Google all declined on Wall Street, having begun their selloff last month. Amazon was also under pressure following Tweeted criticism from US President Donald Trump. In a session of scant local economic news, Asian shares followed them lower.

The Nikkei was down 0.45%, with the ASX 200 down 0.2% and all other bourses in the red as their closes loomed, including both Hong Kong and mainland China. Australia’s benchmark index is still flirting with its lows for the year, but strong support from the mid-part of last year seems to be halting its decline for the moment.

Asian Stocks Down Once More On US Tech Woes, Trade Worries

Turning to foreign exchange, the Japanese Yen held up against the US Dollar as risk averse investors once again preferred perceived haven assets. The Australian Dollar was unmoved by the well-flagged Reserve Bank of Australia decision to hold interest rates at their record lows for a further month. Once again the RBA seemed in no hurry to move and investors are now keen to see whether it will stick to its relatively optimistic growth forecasts when these are revised next month.

There was some better economic news out of Australia earlier, however, when its manufacturing sector Purchasing Managers Index form the Australian Industry Group hit 63.1- its best ever level. This also means the index has remained in expansion territory for eighteen straight months, the longest unbroken run for thirteen years

Gold prices slipped back a little but trade worries mean underlying support remains strong. Crude oil prices edged higher but news of rising Russian output has capped gains.

There’s not a huge amount remaining on the economic data schedule Tuesday. Investors will get a look at the UK’s manufacturing PMI for March, while Minneapolis Federal Reserve President Neel Kashkari will speak at a regional forum. The data do start to get a bit more serious as the week goes on however, with US non-farm payroll data coming up on Friday.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live 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!

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

DISCLOSURES