Asian stocks trade broadly higher today following the extended rally in the US. There were rumors that Treasury Secretary Steven Mnuchin is considering to roll back tariffs on Chinese imports to facilitate negotiation. But such rumor was quickly denied. Also, the US government shutdown is extending it’s record run without any end in sight. But sentiments were not affected much.
In the currency markets, trading turns rather quiet today as most major pairs and crosses are stuck in tight range. For the week, Sterling remains the strongest one. And the Pound is extending rally against Dollar, Euro and Yen. It’s unsure what Brexit will eventually be. But for now, the chance of no-deal Brexit seems slim.
Staying in the currency markets, Dollar is the second strongest for the week as lifted by rebound in treasury yields. Canadian Dollar is the third strongest, helped by resilience in oil prices. WTI crude oil is back at 52.8 and looks set to extend recent rebound from 42.05. The Loonie will also face tests from Canadian CPI today. On the other hand, Kiwi, Swiss Franc and Yen are the weakest ones for the week.
In Asia, currently:
- Nikkei is up 1.34%.
- Hong Kong HSI is up 1.10%.
- China Shanghai SSE is up 1.02%.
- Singapore Strait Times is up 0.23%.
- Japan 10-year JGB yield is up 0.0025 at 0.014
Overnight:
- DOW rose 0.67%.
- S&P 500 rose 0.76%.
- NASDAQ rose 0.71%.
- 10-year yield rose 0.018 to 2.749.
- But 30-year yield ended flat at 3.077.
