FX News Today
- Japanese bond yields increased, outperforming against most other bonds in Asia as stock markets rallied.
- Trade optimism, improving credit data out of China and better than expected machinery orders in Japan boosted risk appetite and Topix and Nikkei closed with gains of 1.6% and 1.8% respectively.
- The Hang Seng is up 1.7% as CSI 300 and Shanghai Comp have gained 2.9% and 2.4% respectively so far.
- US President Trump said over the weekend that talks were “very productive” and China’s President Xi Jinping said the latest round of meetings “achieved important progress in another step”, which fueled optimism that another round of punitive tariffs can be avoided.
- Improved credit data out of China meanwhile helped to calm concerns about growth prospects in the country.
- US futures are narrowly mixed and European stock markets marginally higher, so it remains to be seen whether the rally will be sustained.
- The front end WTI future is trading at USD 55.93 per barrel, after testing highs over USD 56.
- US markets are closed today and there was no trade in Treasuries.
Charts of the Day
Main Macro Events Today
- US Presidents’ Day – US Markets closed today for a public holiday.
Support and Resistance
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Dr Nektarios Michail
Market Analyst
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