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.

Free Trading Guides
EUR/USD
Bullish
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
GBP/USD
Bullish
USD/JPY
Mixed
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
Gold
Mixed
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
Oil - US Crude
Bullish
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
Bitcoin
Bullish
More View more
Real Time News
  • RT @carlquintanilla: JPMORGAN: “We have been on the lookout for signs that the shocks hitting the industrial sector have broadened out .. a…
  • 💵 The US Dollar sank further on disappointing retail sales data which helped drive the $DXY Index below 98. $USD price action now turns to initial jobless claims data and Fed official commentary on deck for Thursday's trading session. Read More⬇️ https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/10/16/us-dollar-price-volatility-report-dxy-index-breaches-98.00.html
  • Precious Metals Update: #Gold 1489.77 (-0.03%), #Aluminum 1728.00 (+0.47%), and #Copper 5773.00 (-0.77%). [delayed]
  • Heads Up:🇬🇧 GBP BOE's Carney Speaks at Event at Harvard Kennedy School due at 22:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-10-16
  • Netflix beat earnings and soared to the top of its implied price range, but the outlook for the stock is concerning as subscriber growth slows.. Can $NFLX hold onto today's gains? https://www.dailyfx.com/forex/market_alert/2019/10/16/Netflix-Shares-Soar-After-Earnings-But-Will-the-Gains-Last.html?CHID=9&QPID=917701
  • The IMF in its GFSR financial report noted risks of over indulgent investors in loose monetary policy markets and stated US and Japanese stock markets "appear to be overvalued". The weekly chart of $SPX to VEU (rest of world) https://t.co/CZ17MnjRJ9
  • Secretary Mnuchin says Trump not currently thinking about EU trade deal $DXY $SPX
  • Secretary Mnuchin says will hold talks at deputy level over phone with China this week $SPX $DXY
  • Secretary Mnuchin says as of now there is no official invite for more talks in China $DXY
  • Coupled with trade war optimism, the fundamental landscape has aligned to propel the #Dow Jones and #Nasdaq indices near record highs. Get your market update from @PeterHanksFX here: https://t.co/kEX6ubuhQq https://t.co/S0GDvwaar3
AUD, ASX 200 Falter on Turnbull. Emerging Markets May Hurt Stocks

AUD, ASX 200 Falter on Turnbull. Emerging Markets May Hurt Stocks

2018-08-23 05:00:00
Daniel Dubrovsky, Analyst
Share:

Asia/PacificMarket Wrap – Malcolm Turnbull, US Tariffs, Emerging Markets, AUD, USD, JPY

  • Most Asia/Pacific benchmark stocks traded pessimistically post FOMC minutes as mood soured
  • Threat of Malcolm Turnbull resignation ahead weighed against AUD/USD & ASX 200 prices
  • Potential sanctions from US on South Africa may hurt emerging markets, pulling stocks down

Check out our 3Q forecasts for equities to see where they may go in the DailyFX Trading Guides page

Asia/Pacific benchmark stocks traded mostly lower on Thursday, echoing last minute declines on Wall Street where the S&P 500 inched closer to potentially experiencing a reversal. There, the FOMC meeting minutes reiterated support for another rate hike ‘very soon’ while highlighting some risks to the outlook. Prospects of tightening global credit conditions likely weighed on shares.

Political uncertainty continued depressing both the Australian Dollar and the ASX 200. Over the past few days, Prime Minister Malcolm Turnbull and his leadership have been coming under pressure. This was further amplified today when three more cabinet ministers resigned from his government. Mr. Turnbull noted that he would step aside in the event his rivals gather enough signatures to prove his lack of control.

China’s Shanghai Composite declined about 0.34% heading into Thursday’s close as the US imposed $16b in additional tariffs on them and they equivalently retaliated. In South Korea, the KOSPI also fell as sentiment deteriorated. However, reports that institutions sold around 49b in Korean Won of stocks led the benchmark index lower.

The Nikkei 225 on the other hand remained resilient, rising about a quarter of a percentage point. It was led higher by the consumer discretionary and information technology sectors. The general pullback in market mood lifted the anti-risk Japanese Yen. Meanwhile, the US Dollar edged higher. It often benefits from haven bids when stocks turn lower given its status as the world’s reserve currency.

Over the remainder of the day, keep an eye on emerging market stocks. Earlier this session, President Donald Trump asked Secretary of State Mike Pompeo “to closely monitor South African land and farm seizures and expropriations”. This raised worries the world’s largest economy could impose sanctions against the nation and USD/ZAR rose. Ahead, declines in the MSCI Emerging Markets ETF (EEM) could weigh against shares in the developed economies as a result. This may offer more room for Yen gains.

Find out what the #1 mistake that traders make is and how you can fix it!

MSCI Emerging Markets ETF Technical Analysis

The EEM has just clocked in its longest daily consecutive winning streak since early March. The ETF stopped its latest ascent just under the August 10th high at 43.33 which may be acting as immediate resistance. In the event emerging markets sour over the next 24 hours, we may see it pullback and head down to near the June/July 2017 lows between 41.13 and 40.90. On the other hand, a push higher exposes the long-term descending trend line from January which is keeping the dominant downtrend intact.

AUD, ASX 200 Falter on Turnbull. Emerging Markets May Hurt Stocks

Chart created in TradingView

FX Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.