The Sliding Asian Equity Markets - Forex News by FX Leaders

The Sliding Asian Equity Markets

Posted Tuesday, August 8, 2017 by
Rowan Crosby • 1 min read

Despite some relatively positive data on Tuesday, Asian equity markets have been falling away sharply over the course of the trading day.

The Nikkei is currently down 0.27% while the Australian ASX 200 is down more than 0.75%.

Earlier in the day, Australian Business Confidence showed a slight uptick, but it seemed to make little difference to equities or the AUD.

The USD has been a touch weaker today and has helped prop up Asian currencies – however, it was a similar story yesterday. When European and US traders entered, the USD regained some steam.

Japanese Current Account was also positive, along with the Chinese Trade Balance.

Regardless, Asian equities are firmly entrenched in the red.

Nikkei Bottoming Out

Large Volume at the Bottom

When looking at the Nikkei, we’ve seen large size trade in the futures, with plenty of buying around the lower support level and high volume. Often that can be a sign that there is a base forming.

This is helping prop up the Nikkei in the short term. Our analysts also have a buy signal out on the Nikkei and it appears the timing is good for a short term rebound.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
The broad-based U.S. dollar managed to erase its early losses and started to gains some positive traction against many currencies at the...
4 days ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of