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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Asian Markets Trade Mixed, Narrow With Eyes On Iran, G20, RBNZ

Asian Markets Trade Mixed, Narrow With Eyes On Iran, G20, RBNZ

David Cottle, Analyst

Asian Stocks Talking Points:

  • Local stocks limped into a new trading week which contains plenty of likely points of intertest
  • Investors still had one eye on Iran after last week’s US drone-downing
  • The US Dollar remains weighed down by suspicions of lower interest rates

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Monday saw a mixed start for Asia Pacific stock markets with oil prices to the fore. They traded higher again as tension lingers following last week’s shooting down of a US drone by Iran.

There’s also clear focus on the summit meeting of leaders from the Group of 20 leading industrialized economies. That kicks off in Osaka on Friday with markets keen to gauge the state of relations between Donald Trump and his Chinese counterpart Xi Jinping after months of tortured trade negotiations bore scant fruit.

The Nikkei, Hang Seng and Kospi had all managed gains by the middle of their afternoon sessions, even if they were very modest. The Shanghai Composite was weaker, as was Australia’s ASX 200. Reserve Bank of Australia Governor Philip Lowe was once again extremely measured in his assessment of monetary stimulus’ likely efficacy. This in turn had investors wondering whether they might see many rate cuts in Australia anytime soon, beyond the one already well-priced into the futures curve. The Australian Dollar found some support, but the stock market usually welcomes lower rates everywhere but the banking sector and accordingly remained in the red.

The Euro made gains on a US Dollar still under some pressure from the renewed prospect of lower interest rates from the Federal Reserve. Elsewhere the picture was more mixed with the Greenback gaining some ground on the Japanese Yen even as it wilted against the Australian Dollar.

The New Zealand Dollar continues to power up and away from 2019’s lows against its US cousin. General weakness in the latter is behind much of this strength, however.

New Zealand Dollar Vs US Dollar, Daily Chart.

A dovish performance from the Reserve Bank of New Zealand when it meets to set monetary policy on Wednesday would be no surprise. It would also remind markets that the Fed is hardly the only central bank in the easing game these days, and may give NZDUSD bulls pause.

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--- Written by David Cottle, DailyFX Research

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