Open CFD account Free Demo
Call: +248 4 671 903 Mail: [email protected]
Log In Open Account
Log In Open Account
Log In Open Account
News & Analysis
Open Account
News & Analysis
Open Account

Asian session update – risk returns

4 May 2023 By Lachlan Meakin

Share

Asian indices and US futures have bounced back so far in the session after gapping down at the open after the news that another US bank could be in trouble, namely PacWest, which I’m pretty sure we’ll be hearing more about in the coming days.

The ASX200 has recovered from its negative open, helped by a strong trade balance figure and is currently unchanged , while the Nikkei, Hang Seng and Shanghai are all the green.

In FX markets with seen a predictable reaction with risk returning, the AUDUSD reversing the losses of the US session and looking to test the 0.67 level where is hit resistance overnight and seeing similar action in the Kiwi dollar.

The Yen is quiet, USDJPY trading in a very tight range in the Asian session so far after a big drop, while the Chinese Yuan has continued to rally against the US dollar.

Gold has given up some of it’s big gains, as safe haven flows unwind to an extent, down to around 2040 USD an ounce, or $25 lower from its peak overnight.

Oil has filled its opening gap down, bouncing back modestly on improved risk sentiment in the Asian session, but so far being held at resistance at the $69 a barrel level.

Ahead tonight we have the ECB decision where the market is split between a 25 or 50bp hike, so expect some volatility in European markets and the Euro whatever way the ECB goes.

 

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Economy #Economics #Finance #Markets