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  • Gold prices failed to retake the uptrend from the May 2019, March 2020, and March 2021 lows, and are nearing their monthly low. Get your $XAUUSD market update from @CVecchioFX here:https://t.co/qkCdUJFtc2 https://t.co/ldbYm2U0vC
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:https://t.co/zn56iTXcpk https://t.co/NmQzIm39lj
  • Latest update on #Evergrande focusing on the Australian Dollar "Australian Dollar Eyes Evergrande as USD Bondholders Still Await Interest Payments" #AUD $AUDUSD https://www.dailyfx.com/forex/market_alert/2021/09/24/Australian-Dollar-Eyes-Evergrande-as-USD-Bondholders-Still-Await-Interest-Payments.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/AAU8nMn0ou
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/3bjMHrUZRJ
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/uhBNvCTHrW
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/J0vSWHaADc
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/nmP0MX8LGM
Asian Stocks Fade Across Board As Markets Look to Trump-Xi Meet

Asian Stocks Fade Across Board As Markets Look to Trump-Xi Meet

David Cottle, Analyst

Asian Stocks, G20, US-China Trade War - Talking Points:

  • All major indexes slipped, with China’s under particular pressure
  • The approach of a meeting between President’s Trump and Xi is not inspiring confidence
  • The Dollar continued to slide with gold and the Swiss Franc bid.

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Asia Pacific stock indexes were all in the red Tuesday as investors looked with clear trepidation toward a meeting between Donald Trump and Xi Jinping at this week’s Group of 20 summit in Osaka.

China’s Commerce Ministry issued a statement saying that the country’s Vice Premier Liu He had had a call with US Treasury Secretary Mnuchin, discussing trade and agreeing to keep talking. This doesn’t seem to have been enough for equity investors, however.

The Nikkei 225 was down 0.5% in the middle of the Tokyo afternoon. Australia’s ASX 200 was down 0.1%. Losses were heavier in China with the Shanghai Composite off by 1.8% and the Hang Seng down 1.3%.

The US Dollar remained mired by the prospect of lower domestic interest rates, while perceived havens such the Swiss Franc and Gold both ticked higher. The New Zealand and Australian Dollars gained, with AUD/USD approaching its June highs.

The pair has also nudged above its short-term downtrend, even if it has yet to consolidate its position North of that line.

Australian Dollar Vs US Dollar, Daily Chart

Even if it can, the Aussie will still be very much within the downtrend channel which has held since early 2018, but recent commentary from the Reserve Bank of Australia has cast some doubt on the prospect of deep rate cuts.

Meanwhile NZD/USD also gained, despite the proximity of a monetary policy meeting of the Reserve Bank of New Zealand on Wednesday. The central bank is not expected to alter any of its settings this month, but it is expected to sound a dovish note for the near future.

Crude oil prices found initial support from tensions between the US and Iran, with the latter applying new sanctions on Monday. However, they did slip back through the Asian session.

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--- 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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