Friday 5th October: Asian Markets lower as USTR hits 7 year high

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IC Markets Technical Analysis
IC Markets Technical Analysis

Global Markets:

  • Asian Stock Markets : Nikkei down 0.39%, ASX up 0.19%
  • Commodities : Gold at $1202.20 (+0.05%), Silver at $14.60 (+0.07%), Brent Oil at $84.97 (+0.46%), WTI Oil at $74.81 (+0.65%)
  • Rates : US 10-year yield at 3.197, UK 10-year yield at 1.669, Germany 10-year yield at 0.528

News & Data:

  • (AUD) Retail Sales m/m 0.30% vs 0.30% expected
  • (JPY) Average Cash Earnings y/y 0.90% vs 1.30% expected
  • (CAD) Ivey PMI 50.4 vs 62.3 expected
  • Dollar boosted as U.S. Treasury yields hit seven-year high
  • Elon Musk mocks SEC amid settlement deal
  • Japan August real wages fall as rising gasoline prices threaten consumption

Markets Update:

Asian shares wobbled on Friday after benchmark U.S. Treasury yields surged to a fresh seven-year high and strong economic data fanned concerns about inflation and the risk of faster-than-expected interest rate rises. The yield on the benchmark 10-year note hit a fresh seven-year high of 3.232 percent overnight following data released the previous day that was seen as increasing the odds a Friday payrolls report would also be stronger than expected.

The Japanese market is notably lower, with a stronger yen and the negative cues overnight from Wall Street after a jump in U.S. treasury yields dampening sentiment. The Nikkei 225 made a partial recovery but remained lower by 0.39 percent in the morning, while the Topix index traded down by 0.22 percent, with most sectors still lower.

Down Under, the ASX 200 bucked the overall trend to trade up by 0.2 percent, with the energy sector higher by 0.3 percent. China’s markets are closed for the Golden Week holiday.

The U.S. dollar was steady but lingered near recent highs against the euro and the yen as investors assessed U.S. economic data and the Fed’s remarks. The dollar index was flat at 95.786, with the euro softening 0.1 percent to $1.1508. The Japanese yen was little changed versus the greenback at 113.89 per dollar.

Investors are expected to scour the U.S. government’s September payroll report scheduled for release on Friday and look closely for signs of wage growth, especially in light of anecdotal indications of rising wages.

Upcoming Events:

  • 01:30 PM GMT – (CAD) Employment Change
  • 01:30 PM GMT – (CAD) Trade Balance
  • 01:30 PM GMT – (CAD) Unemployment Rate
  • 01:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 01:30 PM GMT – (USD) Non-Farm Employment Change
  • 01:30 PM GMT – (USD) Unemployment Rate
  • 05:40 PM GMT – (USD) FOMC Member Bostic Speaks
  • &more…
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