There were no fresh economic themes during the Asian session, so traders focused on pricing in (and taking profits from) the previous sessions’ moves.
- AU MI leading index up by 0.1% vs. 0.0% growth in September
- NZ credit card spending (y/y) jumps by 6.3% vs. 7.8% uptick in September
- Japan’s all industries activity slips by 0.9% vs. 0.8% dip expected, 0.4% gain in August
Mixed risk sentiment
Asian session market players took cues from their U.S. counterparts and priced in their concerns over weak earnings forecasts, global growth slowdown fears, and jitters over the U.S.-China trade war.
A noticeable drop in the tech sector was highlighted in the markets, though some analysts say that traders are starting to price in slower global growth and higher borrowing costs in the months ahead.
- Nikkei is down by 0.42% to 21,491.9
- A SX 200 is up by 0.48% to 5,645.7
- Shanghai index is down by 0.13% to 2,642.455
- Hang Seng is down by 0.16% to 25,799.0
Commodity prices were a little more mixed, with gold slipping from a bit of dollar strength, while crude oil prices pared some of their losses on the back of lower U.S. crude oil inventories, record oil imports India, and a bit of profit taking from the previous session’s losses.
- Gold is down by 0.05% to $1,220.66 per troy ounce
- Brent crude oil is up by 1.65% to $63.39 per barrel
- U.S. WTI is up by 1.56% to $54.18 per barrel
Major Market Mover(s):
AUD and NZD
There were no direct catalysts to boost the Aussie and Kiwi, but a bit of profit-taking A LOT of short trades in the previous sessions might have provided a boost for the comdolls.
AUD/USD is up by 19 pips (+0.26%) to .7232; AUD/JPY is up by 31 pips (+0.38%) to 81.65; AUD/CHF is up by 17 pips (+0.23%) to .7193; EUR/AUD is down by 36 pips (-0.23%) to 1.5724; GBP/AUD is down by 42 pips (-0.24%) to 1.7682, and AUD/NZD is up by 21 pips (+0.20%) to 1.0641.
NZD/USD is up by 7 pips (+0.10%) to .6796; EUR/NZD is down by 8 pips (-0.05%) to 1.6732; GBP/NZD is down by 11 pips (-0.06%) to 1.8816, and NZD/CAD is up by 11 pips (+0.12%) to .9045.
The low-yielding yen gave up pips against some of its counterparts on a bit of risk-taking in the markets.
USD/JPY is up by 14 pips (+0.12%) to 112.89; EUR/JPY is up by 17 pips (+0.13%) to 128.41; GBP/JPY is up by 20 pips (+0.14%) to 144.39; CAD/JPY is up by 9 pips (+0.11%) to 84.83; NZD/JPY is up by 17 pips (+0.22%) to 76.73, and CHF/JPY is up by 20 pips (+0.18%) to 113.52.
Watch Out For:
- 9:30 am GMT: U.K.’s public sector borrowing (5.6B GBP expected, 3.3B GBP previous)