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Asian Stock Slip On US Yields, N Korea Worries, ECB Draghi Eyed

Asian Stock Slip On US Yields, N Korea Worries, ECB Draghi Eyed

David Cottle, Analyst

ASIAN STOCKS TALKING POINTS:

  • Asian stocks were mostly lower Tuesday afternoon
  • Japanese GDP data registered a shock contraction
  • The US Dollar continues to gain

Find out what retail foreign exchange traders make of the currencies you like, and those you loathe, at the DailyFX Sentiment Page

Asian stock markets were mostly lower Wednesday afternoon as higher US yields weighed and uncertainties relating to North Korea mounted once more.

Pyongyang has reportedly expressed its displeasure at joint US/South Korean military exercises, which it says could threaten planned talks with Seoul and even, potentially, Kim Jong Un’s meeting with US President Donald Trump. This news and the persistence of US ten-year yields above 3% combined to take the shine off stocks.

Local data didn’t help, with Japan’s first-quarter Gross Domestic Product contracting, to mark the end of a nine-quarter run of expansion. Clouds are now gathering over both the Abenomics reform programme and the Yen, which seems as far away from tighter domestic monetary policy as ever.

The Nikkei 225 was down 0.3% with stocks in Shanghai and Hong Kong also lower. Australia's ASX 200 managed modest gains as its close loomed, as did the Kospi.

The US Dollar remained close to five-month highs against major traded rivals as the Federal Reserve now stands head and shoulders above the rest as the central bank most likely to continue raising rates.

USD/JPY has risen once again to the highs of early February which in turn guard the way back to the year’s peaks.

US Dollar Vs Japanese Yen, Daily Chart

For as long as interest-rate differentials drive this market, it is hard to rule out a return to those peaks for the greenback now.

Gold prices edged up despite a stronger Dollar on what was reported as a little short-covering rally. Oil prices slipped on signs of growing supply despite US sanctions against Iran and ongoing production cuts from traditional producers.

Still to come on Wednesday’s data schedule are consumer price index data from Germany and the Eurozone. US crude oil inventories will be in focus again and European Central Bank President Mario Draghi will speak in Frankfurt.

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.

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