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USD Firm Despite Entrenched Trade Worries, Most Asia Stocks Gain

USD Firm Despite Entrenched Trade Worries, Most Asia Stocks Gain

2018-08-29 05:02:00
David Cottle, Analyst
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Asian Stocks Talking Points:

  • Equity markets were mostly higher, with the exception of Shanghai’s
  • The US Dollar was firm but didn’t rise far through the session
  • A report that a Brexit deal deadline could be delayed was in focus

The DailyFX Third-Quarter Fundamental and Technical Forecasts are out now,

The US Dollar failed to improve very muich on its overnight gains Wednesday, reportedly as investors fretted that the current trade impasse with China will remain far harder to overcome that that with Mexico, with which the US reached agreement on Tuesday. Canadian officals are due in Washington for discussions over the North American Free Trade Agreement in which all three nations participate.

Still, against a basket of its major traded rivals the Dollar was broadly steady through the Asian session, although it has recently slid down through quite well established technical support against a variety of currencies. Neither Sterling or the Euro moved very much against the greenback on a Bloomberg report which suggested that the October deadline for a Brexit deal will be dropped, to be replaced by a mid-November date. The agency cited “people familiar with the British and European positions” who apparently spoke on condition of anonymity. This story is bound to be followed mroe closely through European hours, however.

Between the two currencies, however, EUR/GBP has now risen to its highest point for the year and, indeed since late 2017. DailyFX’ Senior Currency Strategist Ilya Spivak thinks that the uptrend which has dominated proceedings since November, 2015, could be getting back on track once more.

New Highs For The Year. Euro Vs The UK Pound, Daily Chart

Stock markets were generally supported by more Wall Street pep, with the Nikkei 225 and ASX 200 both up by 0.4% as their respective closes loomed. Shanghai stocks fell though, with trade worries weighing once again. Those same worries initially supported gold by the oldest haven lost some ground as the session went on in Asia. Crude oil prices steadied with the effects of sanctions against Iran balanced by signs elsewhere of higher global supply.

Still to come on Wednesday’s economic data slate are Gross Domestic Product data from the US and France, with Germany’s GfK consumer confidence roundup also due.

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--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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