Asian Equities Rally Here's Why
Updated 10:29AM 06/02/2020
EUR and USD are the top G10 FX gainers today while GBP and NZD are the top losers, down -0.25% and -0.22% vs the dollar. The Australian dollar strengthened for a fourth consecutive day and demand for riskier assets was up after as China unexpectedly announced that it will reduce tariffs on U.S. imports. Sterling remained weak as concerns over talks between the UK and the EU for a trade deal post-Brexit worried investors, while a broad dollar strength also weighed on Cable. In the Asian equities space, the Nikkei 225 closed 2.23% higher at 23,873.59, Hang Seng closed 2.64% at 27493.7 and Kospi ended 2.88% at 2227.94. The European equities were also trading firm with the FTSE up +0.13% at 7491.99, DAX up +0.52% at 13548.4, and CAC up +0.52% at 6016.66. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.6491% and the Bund 10-year yield trading at -0.35%. In the energy space, the Brent (front month) is trading up (0.74%) for the day at $55.69.
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10-year Yields Daily Chart (6-month)
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EURUSD Chart (Two-week)
Strategy: Resistance at 1.1014 for 1.0959
GBPUSD Chart (Two-week)
Strategy: Resistance at 1.3010, for 1.2896
USDJPY Chart (Two-week)
Strategy: Support at 109.66 for 110.21
AUDUSD Chart (Two-week)
Strategy: Support at 0.6721 for 0.6788
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