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Forex Today: Asian Stocks Lower as Chinese Stimulus Hopes Fade

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Asian stock markets have started the week with firm declines as it becomes clear there will be no monetary stimulus from China’s central bank in the near term.

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  1. The market has opened the week quietly except in Asia where major stock markets have traded firmly lower on the news there will be no Chinese monetary stimulus any time soon. Both the Hang Seng Index and the Nikkei 225 Index are ending the day down by more than 1%. US stock index futures have declined slightly but will likely move little today due to the US exchange holiday.
  2. There has been little movement in the Forex market, with the Asian session seeing the Australian Dollar as the weakest major currency and the US Dollar as the strongest major currency, putting the AUD/USD currency pair in focus. Trend traders will still be looking for long trades in the USD/JPY currency pair which broke to a new 7-month high above ¥141 at the end of last week, while the GBP/USD currency pair also made a new 1-year high price on Friday. Long term weakness is likely to continue in the Japanese Yen.
  3. Cocoa futures rose again Friday, to reach another 7-year high closing price.
  4. The USA has removed Japan from its Currency Monitoring List.
  5. It is a public holiday today in the USA (Juneteenth), so stock markets will be closed.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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