Markets Overview:
- Equities: Nikkei (-0.40 %), Hang Seng (+0.40 %), CSI 300 (+0.26 %), KOSPI (-0.14 %), ASX 200 (-0.37 %)
- Commodities: WTI Crude $48.43 (-0.16 %), Brent Crude $52.53 (-0.36 %), Natural Gas $2.90 (+0.31 %), Gold $1286.55 (+0.19 %), Copper $299.75 (+1.22 %)
What traders are talking about:
Asian stock markets had a mixed performance overnight. The Nikkei, KOSPI and Australia´s ASX 200 are down on the day, while the Hang Seng and China´s CSI 300 managed to close the trading day with a slight gain.
Sentiment in global markets is still mixed. Uncertainties about the situation in Washington D.C. is starting to weigh a bit on the stock markets. US President Trump is finding himself increasingly isolated as he continues to lose staff and advisors. Further, while tensions between the United States and North Korea have eased a bit, they could easily ignite again.
Gold should remain fairly bid in the near-term as investors remain cautious. Another run towards $1300 resistance seems likely. A clear break above that level would then pave the way for a rally towards $1350.
WTI bounced back on Friday and reach a high of almost $49. In Asia, oil prices retraced slightly, but overall WTI remains bid and further gains seem likely. Watch for key support at $48.
The FX market remained quiet overnight amid a lack of data and events. EUR/USD traded in a 1.1735-65 range overnight. Major support is seen at 1.1650 and 1.1620. Overall, the technical outlook remains positive.
Meanwhile, things are not looking good for the Cable. GBP/USD broke below 1.29 last week and it is likely that it will test 1.28 support soon. A clear break below that level would signal that losses will extend to at least 1.26.
This week will bring plenty of important data releases, as well as the meeting of central bankers in Jackson Hole. However, traders should not expect too much from it. Much has already been said by various Fed speakers and in the last meeting minutes. The chance of a surprise is therefore low.
ECB President Draghi is also likely to refrain from commenting on the QE program. In his view, the comments he made in June were misinterpreted by the market. Therefore, Draghi will likely pick his words more carefully this time
Sumber : AXITRADER MARKET NEWS.analysis
Sumber : AXITRADER MARKET NEWS.analysis
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