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Asia roundup: antipodeans ease on renewed U.S.-China trade tensions, greenback steadies ahead of FED meeting minutes, Asian shares slump - Wednesday, November 20th, 2019

Source FxWire Pro - Media Round Ups Wednesday, 20 Nov, 2019 07:09:59 GMT
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Market Roundup

  • Hong Kong tensions escalate
     
  • Oil prices steady after two-day decline
     
  • Gold rises as U.S.-China trade concerns rise

Economic Data Ahead

  • (0200ET/0700 GMT) German producer price index MoM October
     
  • (0200ET/0700 GMT) German producer price index YoY October

Key Events Ahead

  • (0400 ET/0900 GMT) EU Financial Stability Review

FX Beat

DXY: The dollar index gained, extending previous session gains ahead of the release of minutes from the U.S. Federal Reserve’s last policy meeting at 1900 GMT. The greenback against a basket of currencies traded 0.1 percent up at 97.92, having touched a low of 97.68 on Monday, its lowest since November 5.

EUR/USD: The euro eased as proposals to reform the euro zone’s bailout fund created a political storm in Italy, where parties and institutions were battling over whether Rome should try to block the reform at the EU level. The European currency traded 0.05 percent down at 1.1074, having touched a high of 1.1089 on Monday, its highest since November 7. Investors’ attention will remain on a series of data out of Eurozone economies, EU financial stability review, ahead of the FOMC minutes. Immediate resistance is located at 1.1091, a break above targets 1.1123. On the downside, support is seen at 1.1039, a break below could drag it below 1.1002.

USD/JPY: The dollar slumped to a near 1-week low amid heightened worries over a U.S.-China trade deal after President Donald Trump stated Washington would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war. The major was trading 0.05 percent down at 108.48, having hit a low of 108.35 earlier, its lowest since November 14. Investors’ will continue to track the broad-based market sentiment, ahead of the FOMC minutes. Immediate resistance is located at 108.74 (21-DMA), a break above targets 109.15 (November 13 High). On the downside, support is seen at 108.294, a break below could take it near at 108.03.

GBP/USD: Sterling plunged towards the 1.2900 handle, after a Reuters poll showed annual home price rise in Britain won’t keep pace with low inflation until 2021, and will fall in London this year as uncertainty around the country’s departure from the European Union continued to dent investor sentiment. The major traded 0.1 percent down at 1.2907, having hit a high of 1.2985 on Monday, it’s highest since November 4. Immediate resistance is located at 1.2975, a break above could take it near 1.3012 (October 21 High). On the downside, support is seen at 1.2874 (5-DMA), a break below targets 1.2859. Against the euro, the pound was trading 0.1 percent down at 85.77 pence, having hit a high of 85.21 on Monday, it’s highest since May 6.

AUD/USD: The Australian dollar declined as a lack of clarity on U.S.-China trade talks kept investors cautious. The Aussie trades 0.2 percent down at 0.6814, having hit a low of 0.6769 on Thursday, it’s lowest since October 17. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6798, a break below targets 0.6751. On the upside, resistance is located at 0.6840, a break above could take it near 0.6854 (21-DMA).

NZD/USD: The New Zealand dollar slumped from a 2-week peak hit earlier in the day, as the prospects for progress on trade dimmed when China condemned a U.S. Senate measure on Hong Kong, vowing to take the steps necessary to safeguard its sovereignty and security. The Kiwi trades 0.2 percent down at 0.6414, having touched a high of 0.6435 earlier, its highest level since November 4. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6449, a break above could take it near 0.6465. On the downside, support is seen at 0.6404 (5-DMA), a break below could drag it below 0.6382.

Equities Recap

Asian shares plunged on heightened worries over the U.S.-China trade deal and Hong Kong tensions.

MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 0.7 percent.

Tokyo's Nikkei slumped 0.6 percent to 23,148.57 points, Australia's S&P/ASX 200 index fell 1.4 percent to 6,722.40 points and South Korea's KOSPI declined 1.1 percent to 2,128.05 points.

Shanghai composite index eased 0.8 percent to 2,912.22 points, while CSI 300 index traded 0.9 percent down at 3,908.80 points.

Hong Kong’s Hang Seng traded 0.8 percent lower at 26,886.35 points. Taiwan shares shed 0.2 percent to 11,631.200 points

Commodities Recap

Crude oil prices steadied after falling to a 1-1/2 week low in the previous session on a surge in U.S. stockpiles reinforced and trade tensions between the United States and China. International benchmark Brent crude was trading 0.2 percent up at $60.81 per barrel by 0507 GMT, having hit a low of $60.68 on Thursday, its lowest since November 8. U.S. West Texas Intermediate was trading 0.4 percent higher at $55.35 a barrel, after falling as low as $55.11 on Thursday, its lowest since November 1.

Gold prices surged, hovering towards a near 2-week peak hit in the previous session, amid heightened worries over the U.S.-China trade deal after President Donald Trump threatened fresh tariffs on Beijing and as the U.S. Senate passed a bill supporting Hong Kong anti-government protesters. Spot gold rose 0.1 percent to $1,474.48 per ounce at 0527 GMT, having touched a high of $1,475.25 on Tuesday, its highest November 7. U.S. gold futures were little changed at $1,474.80 per ounce.

Treasuries Recap

The Japanese government bond prices rose amid conflicting signals on the U.S.-China trade talks. The benchmark 10-year JGB futures rose 0.16 point to 153.46. The 10-year JGB yield fell 1.5 basis points to minus 0.110 percent. The 20-year JGB yield fell 2 bps to 0.260 percent, while the 30-year JGB yield declined 1 bp to 0.420 percent. In the middle of the yield curve, the five-year yield fell 1 bp to minus 0.220 percent. At the short end, the two-year JGB yield was unchanged at minus 0.210 percent.

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