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Asia Opening: Market Drivers and Overview

The risk-on sentiment dominated the Asian trades this Tuesday on the back of the US President Trump’s optimism on the US-China trade deal. The Asian markets cheered improved risk appetite while the US dollar stalled its upside and consolidated the recent gains versus its main peers. The Aussie benefited the most from an unexpected uptick in the National Australia Bank’s (NAB) survey readings and trade deal hopes, having made a few attempts to test the 0.71 barrier. The Kiwi also followed suit and hit three-week lows at 0.6740 while the USD/JPY pair surpassed the 110.50 level to hit fresh seven-week tops at 110.66. Further upside in the US equity futures and Treasury yields aided the fresh leg up in the spot. Meanwhile, both the Euro and the GBP traded better bid, looking to stabilize ahead of the key central bankers’ speeches.

On the commodities’ front, both crude benchmarks traded with moderate gains amid US-China trade while gold prices on Comex traded modestly flat above 1310 levels.

Key Focus Ahead

We have a data-light calendar today, with absolutely no release from the Euroland as well as from the UK docket. Meanwhile, the NA calendar sees the US JOLTS job openings data for the month of December while the API will publish its weekly crude stocks data at 2130 GMT. Hence, markets remain focused on a slew of speeches due to be delivered by the major central bankers (CB) amidst Brexit-related developments and the US-China trade headlines.

Also, in focus remains the Reserve Bank of New Zealand (RBNZ) rate decision and Governor Orr’s presser that is scheduled in Wednesday’s early Asian session.

The key CB speeches lined up for today are here under:

0800 GMT: ECB Vice-President Weidmann

0900 GMT: ECB Nowotny

1300 GMT: BOE Governor Carney

1745 GMT: Fed Chair Powell

EURUSD: A recovery is likely towards 1.1295 and 1.1300.  Bearish pressure will continue as long as the pair holds below 1.13000. A Bearish white swan is being printed on the H1 chart. We will publish the details for the mebers.

GBPUSD: BoE’s Carney is scheduled to deliver a speech relating to “the latest developments in the global economy and risks to the outlook” in London around 13:00 GMT today. Potential recovery capped by EMA 50 and SMA 100 at 1.29000.

XAUUSD: MA 100 support on H4 chart worked well at 1.304. Breakout of 1312.50 may carry the price 1.316 – 1318. Sideways trading is likely to continue.

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