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Asia Equities Rise Slightly, U.S. Dollar Dips Lower

By MarketPulse (Jeffrey Halley)Stock MarketsJun 08, 2021 06:10AM ET
Asia Equities Rise Slightly, U.S. Dollar Dips Lower
By MarketPulse (Jeffrey Halley)   |  Jun 08, 2021 06:10AM ET
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Asia equities edge higher

Wall Street had a mixed session yesterday, with the street falling into their happy place and buying tech and selling everything else, although the session was quiet. The S&P 500 edged 0.08% lower, while the NASDAQ rose by 0.49% and the Dow Jones fell by 0.37%. Clearly, Wall Street isn’t too concerned about the G-7 tax agreement and US big tech.

In Asia, NASDAQ and S&P 500 futures have moved higher again, greenlighting Asia to launch its day on a positive note. The Nikkei 225 has risen by 0.35%, with the KOSPI edging 0.10% higher. China’s Shanghai Composite has risen 0.40%, the CSI 300 is flat, and Hong Kong is 0.50% higher.

Regionally, Singapore is down 0.15%, while Kuala Lumpur has climbed 0.50%, with Taipei falling 0.35% and Jakarta rising 0.10%. Australia’s All Ordinaries has risen 0.45%, while the ASX 200 is just 0.05% higher.

Barring a headline surprise, Asia looks content to follow Wall Street into wait-and-see mode ahead of inflation data later this week.

The US dollar drifts lower

The US dollar drifted lower in a non-descript session, suggesting that the downside remains the path of least resistance for now for the greenback. The dollar index lost 0.18% to 89.98 yesterday, creeping a few points higher to 90.00 in Asia , in what looks to be a moribund session. The index remains in a broad 89.50 to 90.50 range, with a breakout indicating the US dollar’s next directional move.

Both EUR/USD and GBP/USD moved 20 points higher to 1.2185 and 1.4168, respectively. Ultimately, EUR/USD is bouncing around in a wider 1.2100 to 1.2250 range this past fortnight, while GBP/USD has clear support and resistance at 1.4100 and 1.4250. In the bigger picture, only failure of 1.2000 and 1.4000 respectively undermine the longer-term bullish outlook for both currencies.

Asian currencies are locked in neutral after the PBOC succeeded in putting a floor under yuan appreciation last week. USD/CNY at 6.3920 today, with the PBOC setting a neutral fixing today. Until the PBOC signals comfort at more yuan appreciation, the broader Asian grouping will likely mark time around these levels.

Original Post

Asia Equities Rise Slightly, U.S. Dollar Dips Lower

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Asia Equities Rise Slightly, U.S. Dollar Dips Lower

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