HK markets reopen, plunge Eamonn Sheridan.
Further risk off tones seen in the equities space ForexLive It started off with a move in the and earlier but we're now seeing it translate to European equities too.
Nikkei closes higher by 0. The Nikkei closed yesterday at its highest level in 27 years and Japanese investors continue to be buoyed by that notion. The main story in Asian trading though is the decline in the Hang Seng index, which has fallen by 2. Tokyo's main index ends the day with gains - Session high 24, Data was scheduled for the top of the hour but has been released early it seems.
An improvement in house prices over the month while the year-on-year estimate holds steady. Nothing too notable from the report here. Lega's Borghi says Italy would solve most of its problems if it had its own currency Comments by Italy's Lega party economic chief Claudio Borghi. Borghi is also the lower house budget committee head but considering he's from Italy's Lega party it is not surprising for him to make such comments.
He's made similar comments in the past here and his appointment caused a bit of a scuffle in markets back in June. He's made similar comments in the past and his in markets back in June. Hold a break below and the near-term price bias turns more bearish. Right now, the The yen and the dollar is among the early movers so far ahead of European markets open as equity sentiment continues to sour.
Over the last two weeks, any breaks below the hour MA blue line were quickly resolved as buyers helped to bring price action back above it during the same day. Let's see if risk sentiment today will be a big part of driving market action. Given that we had month-end trading to deal with last week as well, the start of the new month this week may see some clearer and more lasting moves especially if risk comes back into focus. Let's take the CAD first. For sometime the uncertainty of the deal was weighing on the CAD and the strengthening domestic outlook was having to play second fiddle to the international trade uncertainty.
CAD is going to continue to be bid in the near term and pullbacks should be viewed as buying opportunities. Conversely, the AUD is slightly weaker on the Chinese industrial data on out from the weekend showing a slowdown in Chinese manufacturing.
Global trade tensions between China and the US is starting to weigh on Chinese manufacturing as the uncertainty in tariffs is leading to an inevitable slowdown in manufacturing.
This has weighed on the Australian dollar and, with the RBA coming out pretty much as expected, it has continued to decline. There is nothing to halt that decline in the near term, save an improvement in the US China trade war which doesn't look very likely in the short term.
Although ultimately the deal will be done, it is just a question of when. So, let's take a technical look at the chart. Dollar, yen hold steady ahead of European markets open Major currencies are trading lower against the greenback and the yen ForexLive Of note, most major currencies are testing their lows right now against both currencies mentioned.
The only real catalyst I can point towards for the mood here is the move lower in equity futures. Of note, E-minis have moved back to near the lows for the day down by 0. And that's helping to underpin the dollar and the yen a little ahead of the open in Europe. There isn't a clear risk off tone yet but keep an eye on this space for further moves later in the day just in case. Major currencies are trading lower against the greenback and the yen ForexLive Of note, most major currencies are testing their lows right now against both currencies mentioned.
Hong Kong markets were closed yesterday but reopened today and things aren't looking good as short sellers appear to be driving the rout here. Of note, weekend news could be the prime reason for the drop here with Chinese PMI data posting sluggish readings while US-China relations continue to sour. That in turn has a spillover effect to Hong Kong assets. Either way, it's a bad day in general for investors in this space and this is a good primer of what may come next week when mainland Chinese markets reopen.
Japan September consumer confidence index Slight delay in the release by the source. The index measures the households' confidence on the economy, a minor indicator of financial confidence in some ways. A bit of an improvement in consumer sentiment but it's not a major release by any means. The reading still holds at elevated levels so there isn't much in the release here to note as well. Latest data from the Japanese Cabinet Office - 2 October - RBA statement shows little change but drops inflation forecast RBA removes headline inflation forecast of 1.
October left vs September right ForexLive. The most notable item for me was the dropping of the inflation forecast but essentially it means little in the grand scheme of things. It could be they are less confident of it staying around the forecast level or maybe they're more confident that it'll hold above. But really, this is very much getting a bit nit-picky at this point. In short, the RBA stays on hold and there isn't really any new details here that warrants a shift in the Australian dollar rhetoric.
Also of note, the RBA is seeing the rise in mortgage rates as a minor issue - describing it as lenders raising those rates by "small amounts". But yeah, there isn't anything else that really changes the overall picture here as the two key sticking points remain unchanged: RBA removes headline inflation forecast of 1. October left vs September right ForexLive The most notable item for me was the dropping of the inflation forecast but essentially it means little in the grand scheme of things.
Full statement of the RBA's October monetary policy meeting The full statement by the Reserve Bank of Australia At its meeting today, the Board decided to leave the cash rate unchanged at 1.
The full statement by the Reserve Bank of Australia At its meeting today, the Board decided to leave the cash rate unchanged at 1. RBA leaves cash rate unchanged at 1. No change in the cash rate as expected and the language isn't that much different either. The two key sticking points remain which are household consumption and wage growth. The assessment on the economy also hasn't changed so this is pretty much sticking to the status quo by the RBA.
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