Asian Equities Rebound as China Lifts Ban on Poultry Imports from the US

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).

Sino-US trade talks

Asian Equities Rebound, Bitcoin Continues South

November 15, 2019

Asian equity indices ended mostly higher today as trade talk optimism returns after White House adviser Larry Kudlow said that China and the US are close to a trade deal as China lifted a ban on poultry imports from the US that began back in 2015. 

The Hang Seng index is 0.21% lower at 26,379. The Singapore FTSE Straits Times Index is 0.12% higher at 3,236 while the Shanghai Composite is 0.45% lower at 2,896. The ASX 200 in Australia trading 0.87% higher at 6,793. Nikkei 225 ended 0.70% higher at 23,303.

European indices started the day higher, DAX trading 0.01% higher at 13,173, CAC40 is 0.12 per cent higher at 5,908, while the FTSE MIB in Milan is 0.01 per cent higher at 23,483. In London, FTSE 100 is trading 0.65% lower at 7,244. 

In commodities, WTI crude oil trades 0.32 per cent higher at $56.95 as global growth worries ease. Brent oil is trading 0.24% higher at $62.43 per barrel as oil world demand will be affected by the global slowdown. Gold trades lower at 1,463, as the short term momentum is bearish now after the price trades below the 50 and 100-day moving average. On the upside, resistance stands at 1,555.13 yearly high while support is at 1,448 the recent low.       

poultry imports
XAUUSD Daily Chart

In cryptocurrencies, Bitcoin’s (BTCUSD) momentum is bearish, the cryptocurrency trades lower today at 8,563, hitting the daily low at 8,475 and the daily high at 8,660. Bitcoin short term momentum is negative now as the cryptocurrency trades above the 200-day moving average but below the 50-day moving average. First support for BTC stands now at $7,364 recent low, while next support stands at 7,300 round figure.

On the upside, resistance now stands at 9,925 recent high and then at 10,000 round figure. Ethereum (ETHUSD) trades lower at 182,22 with capitalisation now to 20.02 billion, on the upside, the immediate resistance stands at 200 recent high while the support stands at 136 the low from May 6th, LTCUSD trades lower at 59.53. The crypto market capitalization now stands at $236.72 billion.

On the Lookout: New Zealand Business NZ PMI came in at 52.6 above forecasts of 48.4 in October. 

Mexico Central Bank lowered its benchmark interest rate to 7.5% from 7.75%.

The central bank of China set the Yuan rate (USDCNH) at 7.0091 versus yesterday settlement at 7.0083.  

Trading Perspective: In forex markets, USD index trades 0.01 per cent lower at 98.14, the AUDUSD trades 0.09 per cent higher at 0.6792, while NZDUSD trades 0.11% higher at 0.6388.

GBPUSD trades 0.02% lower at 1.2877 as we are getting closer to the Brexit deadline in January 31st. Major support now stands at 1.2578 recent low which if broken, might accelerate the slide further towards 1.20. On the upside, first resistance now stands at 1.3010 recent high while more offers will emerge at 1.3050 round figure.

In Pound futures markets, open interest increased by 1,200 contracts, volume increased by around 18.000 contracts.

EURUSD trades 0.08% higher at 1.1030 as the pair’s momentum is neutral. Immediate resistance for the common currency stands at 1.1172 recent high. On the downside, first support stands at 1.1014 today’s low and then at 1.1003.

In euro futures markets, open interest decreased by 3,700 contracts, the volume decreased by around 16.600 futures contracts.

USDJPY is trading 0.23% higher at 108.65 having hit the daily low at 108.35 and the daily high at 108.68. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, immediate resistance for the USDJPY now stands at 109.06 recent high.

In Yen futures markets, open interest increased by 353 contracts, volume increased by around 7,500 futures contracts.

USDCAD is trading 0.02% higher at 1.3245 the pair will find support at 1.3017 the YTD low while extra support stands at 1.30 round figure. On the upside, the first resistance now stands at the 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.  

poultry imports
USDCAD Daily Chart

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