Asia Summary and Highlights 24 Nov
Risk remains choppy
Asia Session
While the Japanese market is closed on Monday to observe Labor Thanksgiving Day, USD/JPY is searching for new highs as early optimism for risk creeps in. U.S. major equity indexes gap higher at the opening as market participants seems to be relieved from their panic selling. USD/JPY is trading 0.14% higher at 156.55.
From the geopolitical front, the U.S. is once again upbeat about a potential peace plan between Ukraine and Russia. Though we all know the core issues of territory and secuirty remain very sticky and may not see further progress soon. Major U.S. equity indexes have remain in the green after opening higher with regional equities performing individually as Trump seems to be approving NVidia to sell certain chips to China. AUD/USD is trading 0.06% higher at 0.6459, NZD/USD is trading 0.13% lower while USD/CAD rises 0.06%. Else, EUR/USD is up 0.1% and gBP/USD is up 0.03%.
North American session
The USD saw some early gains but these were reversed when Fed’s Williams said he still saw room for a near term rate cut. These remarks sent UST yields lower, though yields moved off their lows later in the session, noting strength in equities, supported by Williams’ remarks and lower oil prices as hopes built for an end to the war in Ukraine.
USD/JPY saw moderate losses to 156.40 from 156.85 while EUR/USD gains were marginal, to 1.1510 from 1.51. GBP/USD saw stronger gains as EUR/GBP slipped to .8785 from .8820, contrasting a rise in EUR/CHF to .93 from 9280. AUD and CAD saw mid-session losses but as equity gains built AUD/USD edged above .6450 while USD/CAD slipped back to around 1.41.