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Forex Today: Asian Equity Markets Advance, Led by Japan

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.

Stock markets in Asia advance, led by Japan, whose equities are powering ahead to reach prices not seen in decades as the country enjoys a post-Covid boom.

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  1. As the week begins, Asian equity markets are higher, led by Japan, which is seeing a strong bull market in stocks as the country enjoys an economic boom following its full post-Covid reopening. Japanese equity indices such as the Nikkei 225 are powering ahead to levels not seen in decades, which will be of interest to trend traders.
  2. Yesterday’s OPEC meeting ended with an agreement that Saudi Arabia will cut its production of crude oil by 1 million barrels, which gave a boost to the price of Crude Oil.
  3. In the Forex market, the US Dollar is rising again, against its long-term bearish trend. Action has been dominated so far today by weakness in the Swiss Franc and strength in the Australian Dollar. However, trend traders will probably still be looking for long trades in the USD/JPY currency pair which recently reached a new 6-month high price while short NZD/USD may also be attractive below the big round number at $0.6000.
  4. There will be two important data releases later today:
    • Swiss CPI expects a month-on-month increase of 0.3%.
    • US ISM Services PMI

 

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.

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