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  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 6.25% Expected: 6.25% Previous: 5.25% https://www.dailyfx.com/economic-calendar#2021-09-22
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  • Speaking of monetary policy changes, the Brazilian central bank is due to announce its updated policies and the economist consensus is for a 100bp hike to 6.25%. Keep an eye on $USDBRL. Scenario with the most market-moving potential in my book would be a hold and USDBRL rally
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  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 6.25% Previous: 5.25% https://www.dailyfx.com/economic-calendar#2021-09-22
  • The corrective pullback still seems to be in play but the drop below 109.00 has been in the works for too long now, which is a sign of concern for bears. Get your $USDJPY market update from @HathornSabin here:https://t.co/ISlf6DwISE https://t.co/mSqszlVolI
Asian Stocks Mostly Higher As Trump Shelves China Tariff Plan

Asian Stocks Mostly Higher As Trump Shelves China Tariff Plan

David Cottle, Analyst

Asian Stocks Talking Points:

  • Markets posted broad gains even though not all could hang on to them
  • The US had abandoned plans to raise tariffs on Chinese imports, citing trade-talk progress
  • The ‘risk on’ mood prevailed in currencies too, with the Australian and New Zealand Dollars higher

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

Asia Pacific stock markets were broadly higher Monday, with the Shanghai Composite surging by more than 3%, as investors look with new hope to the chances of a trade settlement between the US and China.

Talks are ongoing but President Donald Trump Tweeted on Sunday that he had decided to postpone a planned tariff increase that had been penciled in for March 31, citing progress already made in negotiations. He also held out the possibility of a summit with his Chinese counterpart Xi Jinping if the two can get closer still.

This news gave stocks quite the fillip. Aside from Shanghai’s solid gains, the Nikkei 225 added 0.5%, the ASX 200 0.3% and the Hang Seng 0.4%. Only Seoul’s Kospi failed to hold up, it was down by 0.03% as its close loomed.

In the foreign exchange space risk-sensitive currencies made initial gains on the trade news, with the New Zealand and Australian Dollars gaining at the expense of havens like the Japanese Yen. The Chinese Yuan made seven-month highs against the US Dollar which was overall steady against major traded rivals.

AUD/USD remains above 2018’s dominant downtrend channel, with risk appetite holding it up despite a complete lack of obvious interest rate support.

Australian Dollar Vs US Dollar, Daily Chart

Crude oil prices also made gains – a trade deal would probably mean more demand for oil after all. However they slipped back a little through the session. Gold prices inched up a little through the session.

It’s a quiet Monday for economic data. Mexico’s growth numbers are coming up, as is news of US wholesale inventories.

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!

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

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