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Asia roundup: antipodeans tumble on concerns of delay in U.S.-China trade deal, Gold near 2-week peak, investors eye ECB policy meeting minutes - Thursday, November 21st, 2019

Source FxWire Pro - Media Round Ups Thursday, 21 Nov, 2019 07:13:16 GMT
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Market Roundup

  • Oil jumps over 2% after U.S. inventory data
     
  • Gold gains as Sino-U.S. spat on Hong Kong clouds trade deal outlook
     

Economic Data Ahead

  • (0230 ET/0730 GMT) Switzerland industrial production YoY Q3

Key Events Ahead

  • (0310 ET/0810 GMT) European Central Bank Executive Board member Yves Mersch's speech
     
  • (0440 ET/0940 GMT) European Central Bank Vice-president Luis De Guindos
     
  • (0730 ET/1230 GMT) ECB Monetary Policy Meeting Accounts
     

FX Beat

DXY: The dollar index consolidated within narrow ranges as minutes from the U.S. Federal Reserve's October policy meeting released yesterday offered little guidance on what would cause policymakers to change their minds on the interest rate outlook. The greenback against a basket of currencies traded flat at 97.88, having touched a low of 97.68 on Monday, its lowest since November 5.  

EUR/USD: The euro gained after falling in the previous session losses on concerns that Eurozone growth has slowed sharply over the past year and the failure of a long-predicted rebound to emerge raised fears of a recession. The European currency traded 0.05 percent up at 1.1077, 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, ECB officials' speeches and monetary policy meeting accounts, ahead of the U.S. unemployment benefit claims and existing home sales. Immediate resistance is located at 1.1091, a break above targets 1.1123. On the downside, support is seen at 1.1058 (5-DMA), a break below could drag it below 1.1002.

USD/JPY: The dollar slumped on news that a phase one U.S.-China trade deal may not be completed this year, raising the prospect of another hike in tariffs. The major was trading 0.05 percent down at 108.54, having hit a low of 108.27 earlier, its lowest since November 14. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims and existing home sales. Immediate resistance is located at 108.83 (10-DMA), a break above targets 109.15 (November 13 High). On the downside, support is seen at 108.18, a break below could take it near at 108.03.

GBP/USD: Sterling consolidated within narrow ranges as investors remain uncertain over the prospect of widespread infrastructure nationalisation under Labour, and an abrupt Brexit possible under Johnson’s Conservatives. The major traded flat at 1.2929, 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 1.2871 (10-DMA), a break below targets 1.2859. Against the euro, the pound was trading flat at 85.67 pence, having hit a high of 85.21 on Monday, it’s highest since May 6.

AUDUSD: The Australian dollar declined as a fresh spat over Hong Kong fueled concerns of a further delay in any U.S.-China trade deal. The Aussie trades 0.05 percent down at 0.6799, having hit a low of 0.6769 last week, 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 0.6769, a break below targets 0.6742. On the upside, resistance is located at 0.6832 (10-DMA), a break above could take it near 0.6851 (21-DMA).

NZD/USD: The New Zealand dollar eased as risk sentiment weakened after the U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights. The Kiwi trades down at 0.6412, having touched a high of 0.6435 on Wednesday, 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 0.6383 (21-DMA), a break below could drag it below 0.6360.     

Equities Recap

Asian shares plunged amid concerns that fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a phase one deal.

MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 0.2 percent.

Tokyo's Nikkei slumped 0.5 percent to 23,038.58 points, Australia's S&P/ASX 200 index fell 0.7 percent to 6,672.90 points and South Korea's KOSPI declined 1.5 percent to 2,092.78 points.

Shanghai composite index eased 0.6 percent to 2,894.81 points, while CSI 300 index traded 0.8 percent down at 3,877.99 points.

Hong Kong’s Hang Seng traded 1.6 percent lower at 26,461.22 points. Taiwan shares shed 0.6 percent to 11,558.27 points

Commodities Recap

Crude oil prices declined after rising by more than 2 percent in the previous session on better-than-expected U.S. crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced. International benchmark Brent crude was trading 0.4 percent down at $62.17 per barrel by 0524 GMT, having hit a low of $60.27 on Wednesday, its lowest since November 1. U.S. West Texas Intermediate was trading 0.4 percent lower at $55.35 a barrel, after falling as low as $54.83 on Thursday, its lowest since November 1.

Gold prices consolidated near a 2-week peak, supported by concerns that U.S. bills on Hong Kong could increase tensions between the United States and China and delay an interim trade deal. Spot gold held firm at $1,471.45 per ounce by 0526 GMT, having touched a high of $1,478.70 on Wednesday, its highest November 7. U.S. gold futures were down 0.1 percent at $1,472.20 per ounce.

Treasuries Recap

The U.S. long-dated yields fell to three-week lows on Wednesday, weighed down by renewed jitters about trade talks with China. U.S. 10-year and 30-year yields have fallen in six of the last seven sessions, while two-year yields dropped to two-week lows.

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