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Asian Stocks Wilt Under Wall Street Pressure, Dollar Holds Up

Asian Stocks Wilt Under Wall Street Pressure, Dollar Holds Up

David Cottle, Analyst

Asian Stocks Talking Points:

  • Asian stocks were broadly lower with only Shanghai standing out in the gereen
  • Wall Street's MOnday swallow dive made progress predictably tough
  • The US Dollar held up against major rivals including the Japanese Yen

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

Asia Pacific stocks had Tuesday to follow a US session that saw the Dow shed more than 600 points and, sure enough, most major regional bourses were lower on the day.

Wall Street was hit by reports that the Trump Administration was studying tariffs on car imports, also by a weak performance from Apple shares, which, as ever, rippled out into the broader tech sector. The California based titan slid as investors worried about demand for its iPhone flagship. Europe was also providing its share of concerns, with the chances of any likely Brexit deal passing the UK parliament still in severe doubt, while the European Union and Italy are at loggerheads over the latter’s budget proposals.

Given all of the above its perhaps not surprising that the Nikkei 225 should have been down more than 2% as its Tuesday closed loomed. Australia’s ASX 200 was down 1.7%- the big four local banks were under special pressure there. The Hang Seng shed 0.5% with only Shanghai showing resilience. It was in the green by 0.4%.

The US Dollar remained broadly supported by a lack of overall risk appetite, holding near 16-month highs against a basket of its major traded rivals. The same worries about trade and Europe have beset the currency market, although the Japanese Yen pared its own gains, having done quite well recently in the ‘battle of the havens’ with the Dollar.

USD/JPY seems to be hanging on within the dominant short-term uptrend channel that has marked trade since late October.

Hanging On: US Dollar Vs Japanese Yen, Daily Chart

Tuesday’s trade seemed to threaten a break lower but now the session seems likely to end with that channel intact, which should keep bulls’ eyes on the 2018 high.

Crude oil prices fell back again as demand worries continue to dog the market even as Saudi Arabia promises meaningful supply cuts. Gold prices saw some bargain hunting demand as they hovered near one-month lows.

The remainder of the global day is not replete with key economic numbers but the UK’s official employment data and Germany’s ZEW business survey will probably attract investor interest.

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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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