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Most Asian Stocks Retreat, Mull Kim,Trump Summit, Looming Fed

Most Asian Stocks Retreat, Mull Kim,Trump Summit, Looming Fed

David Cottle, Analyst

ASIAN STOCKS TALKING POINTS:

  • Most Asian indexes were lower
  • The markets wondered what had actually been achieved by this week’s historic US/North Korea summit
  • The Dollar made modest gains as that Fed meeting approached

Is there a secret ingredient? What makes some traders stand head and shoulders above the crowd? Check out the DailyFX deep, deep dive into The Traits of Successful Traders.

Asian markets were mostly lower Wednesday as investors looked toward the US Federal Reserve’s June monetary policy decision which will come early on Thursday local time.

The Fed is very widely expected to raise interest rates once more, with market focus on how many more there might come this year and next. Markets were also a little nonplussed by the immediate aftermath of this week’s meeting between US President Donald Trump and North Korean leader Jim Jong Un, uncertain as to what more will come of it.

Still, as the Fed loomed the Nikkei was a lone regional riser, up 0.5% in the Tokyo afternoon. All other major indexes were lower, however, if not by much. Shanghai was down 0.7% with the ASX 200 off by 0.6%.

The US Dollar edged broadly if only slightly higher through the session. Its Australian counterpart dipped a bit when Reserve Bank of Australia Governor Philip Lowe made a speech in Melbourne suggesting once more that while its next interest rate move will probably be a rise, such a thing is not coming soon. This take can hardly have surprised markets – futures didn’t suggest an increase until late 2019 in any case, but the Aussie slipped back a little anyway.

Gold prices were steady, but DailyFX’s own Senior Currency Strategist Ilya Spivak thinks that a hawkish Fed later could see it slip further. The spot price has been rangebound on its daily chart since the sharp falls seen in mid May.

Spot Gold Price, Daily Chart

Crude oil prices slipped, reportedly as the markets looked to the prospect of rising supply.

Still to come Wednesday are the UK Consumer Price Index and Eurozone industrial production data, with US mortgage application numbers and crude oil inventory figures from the Department of Energy also on the slate.

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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