Asia Summary and Highlights 25 November
USD opened lower on Scott Bessent's nomination as treasury secretary of Trump
Bessent said his policy priority will be to deliver on Trump’s various tax-cut pledges
Asia session
On Monday's open, USD opens mostly lower against major as the broad risk atmosphere is positive. U.S. Treasury Yields have tanked at the opening while JGB yields are relative steady and playing catch up, USD/JPY saw a low at 153.81 before retracing partially to 154.17 currently and down 0.34% from Friday's close.
AUD/USD opened sharply higher at 0.6534 from 0.65 on Friday's close. U.S. three major equity indexes are all higher while regional equities perform individually. The opening gap seems to be driven by Scott Bessent's nomination as treasury secretary of Trump with his first remarks being "policy priority will be to deliver on Trump’s various tax-cut pledges". AUD/USD has since trying to close the gap and has gone half way to 0.6521, still up 0.31%, NZD/USD also remain 0.21% higher at 0.5847 while USD/CAD slipped 0.17%. Else, EUR/USD is up 0.61% and GBP/USD is up 0.48%. None of the major pairs succeed in closing the opening gap.