Frank Walbaum
FX Strategies.Asia
Important news for the day
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Wed, 09th, 03:00 NZ Interest rate decision.
Chinese stocks
Stock markets in China have turned to lower levels as the stimulus for the economy seems fading. Without further public support markets might evaluate further on upside potential. Should economic figures not turn positive markets might head to lower levels again after the strong push to the upside. China’s A50 index printed a sharp turnaround pattern this week whereas the market remains in positive territory following the recent break higher. US markets remain in a sideways zone but still show a positive tendency.
Market talk
The strength of the Dollar is ongoing and with this also the risk sentiment seems to be muted for now. The EUR, GBP and AUD are losing steam against the Greenback and also the NZD is trading at lower levels. The RBNZ delivered a rate cut as it was expected and this might now cause the Kiwi to lose further steam against other currencies. oil prices have gone lower as geopolitical tensions ease. Based on technical indicators the price is currently hovering around the 50- moving average on the daily chart and might run lower. However the current support zone could als act as a support causing prices to strengthen initially.
Tendencies in the markets
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Equities sideways, USD stronger, cryptos weaker, oil weaker, metals weak, JPY weaker.
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