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Selloff in Asia Intensifies, Aussie and Kiwi Accelerate Down

New Zealand and Australian Dollar accelerates lower today as selloff in Asian stocks intensify. The development came on renewed concern over the third wave of coronavirus infections in Europe and return to lockdown. News regarding vaccines were also negative, as Hong Kong temporarily suspended Pfizer/BioNTech vaccination. Technically, Hong Kong...

AUD and NZD Tumble Following Risk Aversion in Hong Kong and China

Commodity currencies are generally weak in Asian session, together with Sterling. Stocks in Hong Kong and China are reacting negatively to joint sanctions by EU, UK, Canada and US over China's genocidal treatments of Uyghurs in the Xinjiang region. EU's action is seen as significant turning point in the...

Asian Markets Soften on Surging Oil Price, Dollar Firm

The Asian markets opened the week relatively mixed. Stocks gained initially on US Senate passage of the USD 1.9T stimulus bill. But sentiments are weighed down by concerns of inflation as oil prices jumped. Dollar is firm against Yen, Euro and Swiss Franc and look set to continue with...

China exports and imports jumped in Jan-Feb period, Hong Kong HSI not impressed

Released during the weekend, China's exports, in USD term, surged 60.6% yoy in the period of Jan-Feb, well above expectations of 38.9% yoy. Imports also rose 22.2% yoy, above expectation of 15.0% yoy. Trade surplus came in at USD 103.3B, much wider than expected USD 60.0B. The impressive data could...

Euro Weak With Dollar in as Stock Surge Further, Looks into German ZEW

Overall developments in the markets are unchanged as strong risk-on sentiments continue. Yen is currently the worst performer by a mile. Dollar, Euro and Swiss Franc are following behind. Sterling continue to stay strong together with commodity currencies. A focus today is on whether Germany ZEW economic sentiment and...

HK HSI surges with global stocks, targeting 32255 next

Hong Kong HSI follows global stocks higher as it's back from lunar new year holiday. It's up 1.8% or 543 pts at the time of writing. For the near term outlook will stay bullish as long as the lower side of the gap at 29828.61 holds. Current up trend...

Asian Markets Surge With Strong Risk Appetite, Yen Under Heavy Selling

Asian markets are trading in strong risk-on mode today, with particular strength seen in Hong Kong. DOW future is also currently up 150 pts, as markets look forward to US Treasury nominee Janet Yellen's confirmation hearing. Yen is back under heavy selling pressure, followed by Dollar and Swiss Franc....

Asian stocks rally on US Yellen, HSI up more than 3%

Asian stock, except China, surge broadly today as US Treasury nominee, former Fed chair, Janet Yellen is report to adopt an "act big" stance on fiscal stimulus. Commodity currencies are trading broadly higher, as led by Australian Dollar. Yen, Dollar and Swiss Franc are back under pressure. Yellen will appear...

China GDP grew 6.5% in Q4, but Dec data mixed

China's GDP grew 6.5% yoy in Q4, accelerated from prior quarter's 4.9% yoy, beat expectation of 6.1% yoy. Overall, GDP grew 2.3% in 2020, making it the only major economy that avoided a contraction, due to the coronavirus pandemic that started with outbreak in Wuhan. December data were mixed. Industrial...

Stocks Surge on US Elections, Dollar and Yen Weak But No Follow Through Selling Yet

Movements in the forex markets in reaction to the US elections were relatively indecisive, comparing to the strong risk-on moves in the stocks. There is no clear follow through selling in Dollar and Yen so far, while commodity currencies are struggling to extend gains. Focuses will now turn to...

Hong Kong HSI surges on optimism over US-China relations

Hong Kong stocks responded exceptionally well to US election results, which could an indication on optimism over US-China relations going forward. This week's rally suggests that rise from 23124.25 is the third led of the pattern from 21139.16. Test of 26782.61 resistance should be seen next. Firm break there...

Asia Cheers Trump’s Health Improvement, Dollar Down

Yen and Dollar weaken in general as Asia markets recover on positive news on the situation of US President Donald Trump's coronavirus infection. Australian and Canadian Dollars are firm, but there slightly overshadowed by the Swiss Franc. But after all, movements in the markets are relatively limited, with most...

Asia rebounds on Trump’s health improvement, HSI capped by resistance

Major Asian markets open higher today on optimism regarding US President Donald Trump's health condition. His doctors indicated that the coronavirus symptoms are resolving and improving. Trump could be discharged from hospital as soon as on Monday. Separately, Trump also left the hospital on Sunday evening and waved to...

Markets Stabilized after Selloff, Dollar Rally Still Unconvincing

Asian markets are trading mildly lower today, following the weakness in US overnight. While DOW dropped more than -900 pts during the session, it managed to pare back half of the losses to close down -509.72 pts only. Following that, Dollar and Yen retreated some gains while Gold also...

Dollar to End Week as Strongest, Subject to NFP Reactions

Asian markets are generally in red following the steep corrective selloff in the US overnight. The forex markets are relatively steady though, with Dollar and Yen trading with a firm tone. Australian and New Zealand Dollars are the weakest ones, followed by Sterling. Over the week, Dollar is set...

Hong Kong HSI breaks near term channel with sharp decline

Asia markets open sharply lower, following the selloff in US overnight. The -1.8% decline in Hong Kong HSI (at the time of writing) looks tiny comparing to the near -5% decline in NASDAQ. But the technical development is much more bearish. The index survived all the political turmoils in the...

Yields Surged, Gold Corrected, But Dollar Got No Lift

It was a rather mixed week where there were conditions for a Dollar rebound, with surging treasury yield and correction in Gold. Yet, no apparent rally was seen. Yen was sold off generally, partly on coronavirus and recovery optimism. But the Swiss Franc was firm together with Euro. Strong rally...

Markets Back in Risk-On Mode While Dollar, Yen and Franc Weaken

Asian markets surge broadly today, following the strong close in US stocks. DOW is finally catching up by a powerful break through June's high while S&P 500 is closing in on record high. Investors welcomed the news of falling coronavirus hospitalizations in New Work, California and Texas. The trade...

Dollar Trying For Rebound after Trump’s Combination Move Against CCP

Dollar was under pressure most of the week on risk-on sentiments. NASDAQ gapped higher and marched to new record highs. Nevertheless, the greenback staged a notable comeback after combination move by the US administration against the Chinese Communist Party, with bans on TikTok and WeChat, as well as sanction...

Asian stocks tumble as Trump moves to ban TikTok and WeChat, HSI down -2.2%

Asia markets tumble broadly, particularly serious in Hong Kong, after US President Donald Trump issued an executive order to ban China's TikTok and WeChat apps. The orders will go into effect in 45 days, and block all transactions with TikTok's owner ByteDance, and transactions involving WeChat. The move was...

China orders closure of US Chengdu consulate as Pompeo called for free world against CCP, HSI down

Additionally, Sentiments in Asia were weighed down by intensifying US-China tensions. In a furious speech titled "Communist China and the Free World's Future", US Secretary of State Michael Pompeo warned "if the free world doesn't change Communist China, Communist China will change us," He called for American's allies to "triumph...

Risk Aversion Eased Mildly in Asia after Massive Selloff in US

Risk aversion carries on in Asian session today, after the massive selloff in the US overnight. But selling has some what eased ahead of the weekend. In the currency markets, Yen and Swiss Franc remain the strongest ones for the week, even though both are paring some gains. Dollar...

HSI gapped down on risk aversion, but selling eased

Risk aversion continues in Asian session today with Hong Kong HSI gapped down and hit as long as 23895.03. But the index then recovered as selling eased somewhat, down -1.3% only after morning session. Prior rebound to 25303.77 was a surprise to us but the overall view isn't changed....

Old and New Risks Ignored So Far, Dollar to Decide Reversal or Not Soon

Some old and new global risks, other than coronavirus, have been (re-)emerging in recent weeks. US-China relation is heading another step towards cold war with US President Donald Trump's new set of measures against China announced on Friday. Unrest that started in Minneapolis quickly spread from Los Angeles to Miami...

Asia Mixed With Eyes on US-China Tensions Over Hong Kong

Asian markets continued to ignore risk rally in US and trade mixed today. Sentiments are mildly weighed down by US-China tensions over Hong Kong. But reactions are so far limited. Euro and Dollar are mildly firmer in Asian session but major pairs and crosses are staying inside yesterday's range....

HSI, Yuan down as Pompeo said HK no longer warrants special treatment

Hong Kong stocks tumble notably in Asian session today while off-shore Chinese Yuan also breached to a new low. US-China tensions intensified further over the proposed national security law for Hong Kong. (More details regarding the laws here). US Secretary of State Mike Pompeo told Congress on Wednesday that...

China’s Diplomatic Tensions Overshadow Global Coronavirus Pandemic Exit Optimism

While Dollar and Yen staged notable rebound towards the end of week, they still ended as the worst performing ones. On the other hand, commodity currencies were the best performers despite paring some of the gains. Markets were lifted by optimism that the world is moving closer to lockdown...

Markets in Defense on US-China Tensions, Dollar and Yen Higher

Yen and Dollar trade generally higher in Asian session today. Trading is relatively subdued with Japan and China on holiday. Yet, the theme of US-China tension drives some risk-off moves. May didn't start well as investors seemed to be rushing to reverse April's risk-on moves. As for today, New...

Trump stepped up criticism on China and promised very conclusive report, HSI dives

Hong Kong stocks gapped sharply lower today and stays pressured, after US President Donald Trump stepped up his criticism on China's handling of the coronavirus outbreak. He said the government was putting together a report that will be "very conclusive". "My opinion is they made a mistake. They tried...

Staged Lockdown Exit and March Chinese Data Lift Sentiments, Dollar Softens

Dollar weakens mildly again as risk appetite is lifted by the three-stage plan to exit lockdown in the US. While Q1 GDP contraction in China was deeper than expected, March data also provided some optimism of return to normal. As Asian markets rebound, Yen and Swiss Franc are following...