Market Euphoria On Trade Deal Hopes Continues

2021
08 / 02
06 : 40
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Market Euphoria On Trade Deal Hopes Continues Market Euphoria On Trade Deal Hopes Continues

FTSE China 50 Market trends

China shares hit one-year high

Speculation that a trade deal was “close” helped Wall Street rally yesterday and that trend extended in to today’s Asian session, with little on the data front to disrupt the bullish sentiment. Despite the fact that the details of the proposed deal appear to be very one-sided—with the U.S. supposedly being allowed to re-impose tariffs immediately if China does not comply with the terms of the deal, but China cannot do the same, nor can it take the U.S. to the World Trade Organization— pushed higher for a second straight day to touch the highest since March 13 last year.


Source, all charts: OANDA fxTrade

The index appears to be heading toward the 78.6% Fibonacci retracement of the January 2018 to January 2019 drop at 13,908.

USD/JPY grapples with key moving average

was marginally lower on the day as the FX pair hovers around the 200-day moving average at 111.49. The moving average has been tested daily this week but we have yet to see a sustained close above it. Speaking before Parliament, Bank of Japan Governor Kuroda reiterated that the central bank needs to continue easing persistently to support the economy and acknowledged that it would take some time to reach price targets.


German factory orders to stay weak

likely contracted for a ninth straight month on February. Surveys suggest orders fell 5.4% y/y following a 3.9% decline in January. The minutes of the last are due today, with focus squarely on discussions about the meager growth forecasts. There are more U.S. today ahead of tomorrow’s . Challenger job cuts for March and the weekly jobless claims are scheduled. Speeches from the Fed’s and complete the session.

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