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Asian stock market lowers down by fear of trade issue

USD in steady move around Friday NY close with the weekend Italian election results pointing to a Hung Parliament. With Center-Right coalition leading and that much expected in the market. Besides the Germany SPD voted in favor of joining Merkel’s next government which also give some support for EUR.

AUD in steady move ahead of tomorrow’s RBA meeting. As the retail sales data and commodity currencies still react with broad USD direction.

Asian stock market lowers down with the further fear of trade issue which driven more protectionism risk and YEN cross selling persistence. Market talk of barrier on USDJPY at 105 and break will drive some stop selling, as exporter hedge selling also lowers down to 106 handle as well.

EUR remains to struggle around 1.23 and near term base building remains with bullish trend still unchanged.

GBP still driven by the cross movement and the overall broad USD weakness still have some support for GBP on lower end. Brexit uncertainty might still add some pressure for GBP in short term.

Today Eurozone and US PMI data, US ISM non-manufacturing and stock/bond market move will direct the intraday action.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.