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
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • #USDCHF pivot points (daily) – S3: 0.9798, S2: 0.9858, S1: 0.9894, R1: 0.9953, R2: 0.9976, R3: 1.0036 - https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Silver, Gold, and $EURUSD thoughts from today's webinar - https://www.dailyfx.com/forex/video/live_events/2019/09/16/silver-gold-eurusd-forecast-JWweb-116.html
  • $EURUSD: Prices soon ripped-higher until resistance showed at a confluent area on the chart, as taken from the prior swing-low at 1.1109 that ran into a bearish trendline projection. Get your technical analysis from @JStanleyFX here: https://t.co/KlnCP4dpQ9 https://t.co/vu8AvJFvfa
  • 🇯🇵 JPY Trade Balance (AUG), Actual: N/A Expected: -¥346.3b Previous: -¥249.6b https://www.dailyfx.com/economic-calendar#2019-09-17
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude #oil prices? Find out from @ZabelinDimitri here: https://t.co/e91RRyBQ3z https://t.co/QJdJu2lNHf
  • The market for negative-yielding bonds has exploded in 2019 to a whopping $14 trillion against the backdrop of deteriorating global growth prospects https://t.co/kHqdF1ExbM
  • $ES_F $TNX https://t.co/AebApRQmlQ
  • 🛢 #CrudeOil and volatility analysis following Monday’s surge in petrol prices - via @DailyFX ➡️ Link: https://www.dailyfx.com/forex/technical/home/analysis/usoil/2019/09/16/crude-oil-price-spike-to-drag-volatility-higher-stocks-lower.html $USO $OVX #WTI #OOTT https://t.co/KiYJD4tTFN
  • How can traders avoid #FOMOintrading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/zXJ0j1YeAn https://t.co/xsAlM3Cqon
  • 🇳🇿 NZD Current Account Gross Domestic Product Ratio YTD (2Q), Actual: N/A Expected: -3.3% Previous: -3.6% https://www.dailyfx.com/economic-calendar#2019-09-17
Asian Stocks Mixed As US, Canada Reach NAFTA Deal, CAD Gains

Asian Stocks Mixed As US, Canada Reach NAFTA Deal, CAD Gains

2018-10-01 05:00:00
David Cottle, Analyst
Share:

Asian Stocks Talking Points:

  • Regional stocks were mixed but most bourses managed gains on Monday
  • The US and Canada just made a US-imposed deadline on NAFTA overhaul
  • Chinese and Japanese data pointed to slowing momentum

Find out what retail foreign exchange investors make of your favorite currency’s chances right now at the DailyFX Sentiment Page

Asian markets traded mixed on Monday and continued to do so following news that the US and Canada had reached a deal to replace the troubled North American Free Trade Agreement (NAFTA).

The new deal will be called the United States Mexico Canada Agreement, or USMCA, and it was signed as negotiators from Canada and the US managed to meet a US-imposed September 30 deadline, but only just.

The deal is being touted as a long needed overhaul of NAFTA, but will still need to pass the legislatures of the US, Canada and Mexico before becoming trade law. Discussions with Canada around steel and aluminum tariffs appear to be continuing on a separate track.

Still, Asian markets were broadly stronger after the news with shares in Tokyo, Shanghai and Hong Kong all in the green, if not by much. Seoul and Sydney lagged with their mainboards both slightly lower.

Regional economic data were also mixed. China’s manufacturing Purchasing Managers Index was released on Sunday. It showed clear signs of waning momentum although it did stay above the key 50 point which separates expansion from contraction. Japan’s ‘tankan’ business survey showed a surprise fall in confidence among major manufacturers, while Australian inflation remained as docile as ever according to a private survey.

In the foreign exchange space the Canadian Dollar got a lift against its US cousin from the trade agreement news, while the Japanese Yen remained under its customary duress, with USD/JPY trying new 10.5-month lows. USD/CAD’s retreat from the 2018 highs made in June continues.

Asian Stocks Mixed As US, Canada Reach NAFTA Deal, CAD Gains

Further acceleration of that downtrend could see the lows of late April back in play.

Gold prices still seem to be taking a hit from the prognosis of further Federal Reserve interest rate hikes, while sanctions on Iran keep crude oil prices underpinned, despite worries about global demand levels.

The day’s major remaining data releases are the US employment and manufacturing snapshots from the Institute for Supply Management, Canada’s manufacturing Purchasing Managers Index. UK consumer credit numbers are also coming up.

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!

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

DISCLOSURES

News & Analysis at your fingertips.