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  • The US Dollar is holding support around the 92.50 area on the chart after a week-long pullback. Get your market update from @JStanleyFX here:https://t.co/3caFCPAOK3 https://t.co/ZO5FjuTU0m
  • With all eyes on the Fed, the US 10Y Treasury yield moves back above 1.25% #Fed #FOMC https://t.co/ImBHDaHnEf
  • NZD/USD carves a series of lower highs and lows as it pulls back from the weekly high (0.7010), but the Federal Reserve interest rate decision may keep the exchange rate afloat. Get your market update from @DavidJSong here:https://t.co/dNCYqI1Ko3 https://t.co/acxZuM7x9O
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.65%, while traders in France 40 are at opposite extremes with 69.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uzP0OIHpnR
  • Before today's FOMC decision, the Dollar is treading water and the implied forecast for Fed hikes through Dec 2022 (via Fed Funds futures) is 14bps. Correlation between two is still askew https://t.co/6E5nF7NMQe
  • $GBPJPY with a 400 pip + run over the past 8 days. fibo support at 148.65 made its mark https://t.co/FODR1nUzho https://t.co/MargzirThB
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.72% Silver: 0.71% Gold: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6mxkpPPUJd
  • New Covid cases in the US have surpassed 100,00 and are at the highest overall levels since Feb 5th. The Fed has made a point to raise this concern previously and the IMF made it globally on Tuesday. I expect to see it today at FOMC https://t.co/qh4mgXNqfD
  • Amazon denies claims that they will accept Bitcoin by year-end. Will buyers achieve a follow-through in BTC/USD? Find out from @HathornSabin here:https://t.co/rcZVIKd5J5 https://t.co/C0r3gyLJvP
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.32% 🇨🇭CHF: 0.14% 🇬🇧GBP: 0.07% 🇦🇺AUD: -0.11% 🇯🇵JPY: -0.24% 🇳🇿NZD: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wm6iTcUOaV
US China Trade War Worries Hit Asian Mainboards Via Wall St Falls

US China Trade War Worries Hit Asian Mainboards Via Wall St Falls

David Cottle, Analyst

Asian Stocks Talking Points:

  • All the major regional indexes turned lower
  • Trade worries returned to the fore
  • The US Dollar held up with perceived haven assets sought after

Join our analysts for live, interactive coverage of all major economic data at the DailyFX Webinars. We’d love to have you along.

Asia Pacific stocks were always going to face a tough Wednesday following steep declines on Wall Street. These came in turn on the now-usual US-China trade war worries, exacerbated slightly by veiled hint from Beijing that its vast rare earth supplies could come into play, with dire possible consequences for the US tech sector.

Sure enough, all local mainboards were lower. The bellwether Nikkei 225 shed 1.3% with convenience store FamilyMart shares plunging more than 5% as investors worry about an ongoing royalties dispute between it and joint venture partners in China. The Kospi dropped 1.5% with Samsung clearly sharing earlier US woes.

All sectors of Australia’s ASX 200 saw falls, with Shanghai and Hong Kong also lower.

The US Dollar held on to most of its overnight gains against the other majors, with the Euro sagging after last weekend’s European Parliamentary elections. European leaders must now start filling a number of top posts with the identity Mario Draghi’s replacement as President. of the European Central Bank of most interest to markets.

The New Zealand Dollar remained under risk-aversion pressure despite a marginally less gloomy business confidence survey from Australia and New Zealand Bank. Its May snapshot found a balance of -32% of firms gloomy about their prospects. This was the best reading since February and much better than market expectations. Still, weakness here looks entrenched and will remain troubling to policymakers as it has since the balance fell below zero in 2017.

NZD/USD has flirted with the top of its long downward channel but in the current climate a sustained upside break looks unlikely.

New Zealand Dollar Vs US Dollar, Daily Chart

Signs of any trade rapprochement between Washington and Beijing would undoubtedly boost the Kiwi Dollar but, with any such thing seeming ever more unlikely, NZDUSD's path would seem to be leading it lower yet even as the lows of early 2019 have given way.

Bitcoin prices slipped back from the year’s peaks made earlier this week but look extremely well supported close to the highs.

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!

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

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