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Asia Trade Weaker On Alibaba Antitrust Concerns And More COVID Waves

By Stephen InnesMarket OverviewApr 12, 2021 03:12AM ET
www.investing.com/analysis/asia-trade-weaker-on-alibaba-antitrust-concerns-and-more-covid-waves-200572468
Asia Trade Weaker On Alibaba Antitrust Concerns And More COVID Waves
By Stephen Innes   |  Apr 12, 2021 03:12AM ET
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Asian equity markets were off to a wobbling start to the week with Shanghai Shenzhen CSI 300 -1.4%, BSE Sensex 30 -2.4% and SE THAI -1.2%, reflecting a combination of concerns including China imposing an anti-trust fine on Alibaba (NYSE:BABA) and a pick-up in the new daily COVID-19 case count in India and Thailand.

All of which is providing a safe haven bid to the US dollar through the FX feedback loop. Softer headwinds, in this instance, from more stable UST yields, do not completely remove the risk to  Asia FX as new variant waves and reshoring virus concerns are bound to upset the recovery applecart and muddy the anticipated travel boom in popular Asian destinations, like Thailand and The Philippines, where second waves are taking hold.

GBP remains under pressure with intermittent waves of supply against the USD, EURand JPY. Price action is shifting from transactional to flat-out selling skews with exit velocity for the UK well-priceds and persistent tensions in Northern Ireland perhaps another drag on sentiment. Stay biased to fade GBP strength.

GBP came under pressure initially in Asia, with the USD trading firmer as equity futures slipped a touch. Cable traded off 30 pips to as low as 1.3670 so far.

Still, The UK and EU are making progress in talks on how to apply post-Brexit trade rules in Northern Ireland, the Financial Times reported, raising hopes of momentum building towards an agreement that may ultimately restore trust and reduce tensions that have escalated into violence over the past few days which could provide a bit of a backstop. 

Asia Trade Weaker On Alibaba Antitrust Concerns And More COVID Waves
 

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Asia Trade Weaker On Alibaba Antitrust Concerns And More COVID Waves

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Comments (3)
Bossa Omo
Bossa Omo May 09, 2021 9:29AM ET
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I need help From you all
Bossa Omo
Bossa Omo May 09, 2021 9:27AM ET
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Good afternoon my friends
Patama Gomutbutra
Patama Gomutbutra Apr 15, 2021 10:32AM ET
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Thai SET is extremly overprice amid weaken economic structure.
 
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