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  • US Dollar strength has continued today, with the $DXY hitting an intraday high around 91.20. The index is now trading slightly lower, currently around 91.05, as markets wait for Powell's speech at 12:05 EST. $USD https://t.co/rxdvVhXGVX
  • $USDCAD is weaker in the aftermath of OPEC+'s decision to hold output steady, falling to trade back around the 1.2600 level. The pair fell to its lowest level in nearly three years during last week's volatility, rebounded to a high of 1.2730, and has then edged lower. $USD $CAD https://t.co/QBVe8X5nVO
  • Russia reportedly has been given an exemption from OPEC+ supply deal - Delegates
  • The Canadian Dollar is surging alongside the rise in oil prices following OPEC+'s decision to hold output steady. $CADJPY has risen above 85.00 to trade at its highest levels since late 2018. $CAD $JPY https://t.co/YzikqjWyvT
  • $WTI Crude Oil is extending its gains, rising above 64.00 to trade at its highest levels in over a year. $OIL $USO https://t.co/7aFsMmJd7x
  • OPEC+ decides not to hike output by 500kbpd in April - Delegate Oil prices at highs of the day https://t.co/UBAtzuEs0b
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇨🇦CAD: 0.29% 🇦🇺AUD: 0.21% 🇪🇺EUR: -0.26% 🇯🇵JPY: -0.53% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dULwFuQVcF
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  • RT @Amena__Bakr: Saudi Arabia is proposing a rollover for April and May- delegates #OOTT #opec
Asian Stocks Edge Up On Trade Hopes, Brexit Worries Keep Lid On

Asian Stocks Edge Up On Trade Hopes, Brexit Worries Keep Lid On

David Cottle ,

Asian Stocks Talking Points:

  • Most indexes edged up in a very cautious session
  • Hopes for a US China trade breakthrough kept optimism alive
  • However, the torturous Brexit saga kept buyers in check

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

Most Asian stocks were cautiously higher on Friday, supported by the new trade hopes which lifted Wall Street overnight. Brexit worries kept a lid on investor exuberance, however. UK Prime Minister Theresa May’s deal has seen several high profile resignations from her Cabinet and extreme doubts that it can get through Parliament in any case.

A Financial Times report Thursday suggesting that China and the US were making huge effort to reach agreement on trade before this month’s Argentine meeting of the Group of 20 leading economies gave Friday’s session some support.

The Nikkei 225 was still the most obvious loser, but it was only down 0.1% as its close approached. The Shanghai Composite was up 0.6% while the Hang Seng was flat. The ASX 200 shed 0.1% with the Kospi up by a similar amount. The UK Pound was unsurprisingly pressured in the foreign exchange space by a Brexit drama, which looks as though it still has months to run. Both the US Dollar and the Japanese Yen benefitted from their perceived haven role, with the Australian Dollar modestly lower.

On its daily chart AUD/USD remains above the uptrend line which had previously contained much of this year’s trade, until it was broken to the upside at the start of this month.

Holding On Above Its Downtrend. Australian Dollar Vs US Dollar, Daily Chart.

Still, the currency completely lacks interest rate support, with the Official Cash Rate left on hold at its record 1.50% low for a 28th straight month in November. Without a sustainable rise in risk appetite it seems unlikely that its recent gains can hold.

Crude oil prices managed gains as the markets again looked to OPEC supply cuts, despite rising US supply.

Gold prices edged up, probably supported by Brexit-inspired jitters.

Still to come on Friday are official Consumer Price Index data out of the Eurozone for October. However those numbers are likely to take a back seat as far as investors are concerned to European Central Bank President Mario Draghi. He will speak in Frankfurt, as will German Bundesbank President Jens Weidmann.

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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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