Asian stock indices ended the session lower today after President Trump signed the legislation backing the Hong Kong protests. The Hang Seng index is 0.22% lower at 26,893. Nikkei 225 ended 0.12% lower at 23,409. The Singapore FTSE Straits Times Index ended 0.46% lower at 3,200 while the Shanghai Composite is 0.47% lower at 2,889. The ASX 200 in Australia finished higher for the fifth day, adding 0.20% at 6,864 making fresh record high.
European indices started lower mirroring Asian indices, DAX trading 0.37% lower at 13,238, CAC40 is 0.21 per cent lower at 5,914 while the FTSE MIB in Milan is 0.69 per cent lower at 23,323. In London, FTSE 100 is trading 0.38% lower at 7,401.
In commodities, crude oil trades 0.60 per cent lower at $57.76 as OPEC may cut crude oil output until June 2020. Brent oil is trading 0.46% lower at $63.34 per barrel as crude oil world demand will be affected by the global growth slowdown. Gold price continues the consolidation phase at 1,458, as the short term momentum is bearish now after the gold price trades below the 50 and 100-day moving average. On the upside, resistance stands at 1,555.13 YTD high while support is at 1,448 the recent low.
In cryptocurrencies, Bitcoin (BTCUSD) continues higher after yesterday’s rebound at 7,486, hitting the daily low at 7,414 and the daily high at 7,591. BTCUSD momentum is still bearish as the cryptocurrency trades below the 50 and 200-day moving averages. First support for bitcoin stands now at $6,510 recent low, while the next support stands at 6,000 round figure.
On the upside, resistance stands at 9,925 recent high and then at 10,000 round figure. Ethereum – ETHUSD also trades higher at 150.79 with capitalisation now to 16.69 billion, immediate resistance for Ethereum stands at 200 recent high while the support stands at 139.71 daily low, Litecoin trades higher at 47.05. The crypto market capitalization stands at $205.60 billion.
In the Lookout: New Zealand ANZ Activity Outlook came at 12.9% above forecasts of -3.6% in November, the Business Confidence came in at -26.4 above forecasts of -30.8.
The Japan Retail Trade (YoY) came in at -7.1% below expectations of -4.4% in October.
The central bank of China (PBOC) set the Yuan rate (USDCNH) at 7.0271 versus yesterday’s settlement at 7.0349.
Trading Perspective: In fx markets, USD index trades 0.05 per cent higher at 98.31, the AUDUSD trades 0.04 per cent lower at 0.6785, while NZDUSD trades 0.01% higher at 0.6428. USDCHF is 0.06% higher at 0.9977.
GBPUSD trades 0.03% lower at 1.2913 as we are getting closer to the general election and the Brexit deadline on January 31st, 2020. Support for the pair now stands at 1.2578 recent low which if broken, might accelerate the slide further towards 1.20. On the upside, immediate resistance will be met at 1.3010 recent high while more offers will emerge at 1.3050 round figure.
In Pound futures contracts markets, open interest increased by 1,800 contracts, while the volume increased by around 16.000 contracts.
EURUSD trades 0.03% higher at 1.1002 as the pair’s momentum has turned neutral for the short term. The first resistance for the euro stands at 1.1172 recent high. On the downside, the first support stands at 1.0996 today’s low and then at 1.1003.
In euro futures markets, open interest increased by 5,100 contracts, the volume increased by around 31.300 futures contracts.
USDJPY is trading 0.04% lower at 109.48 having hit the daily low at 109.32 and the daily high at 109.54. USDJPY pair will find support at 104.44 the low from August 23rd. On the upside, resistance for the USDJPY now stands at 109.06 recent high.
In Yen futures markets, open interest increased by 16,100 contracts, volume decreased by around 5,700 futures contracts.
USDCAD is trading 0.07% higher at 1.3290 the pair will find support at 1.3017 the yearly low while extra support stands at 1.30 round figure. On the upside, resistance will be met at the 1.3356 high from September 3rd before an attempt to 1.3450 high from 31st May.