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Daily Report: Asian Markets Lower on China and FOMCAsian equities are generally lower in a new week, following last week's selloff in US. Sentiments are weighed down over slowdown in China's economy and investors are cautious ahead of FOMC meeting. It's generally expected that Fed will keep policies unchanged this week. Nonetheless, markets are expecting Fed to finally lift interest rate at the next meeting in September. And thus, there is some expectation that Fed might send some fresh hint about this in this week's statement. At the time of writing, Nikkei is down -200 pts, or -1% while HK HSI is down -600 pts, or -2.3%. Gold recovers mildly today but is feeling pressure from 1100 level, which limits the recovery. Crude oil is trading softly below 48. In the currency markets, Yen is generally higher on mild risk aversion while dollar is generally weaker. Euro, on the other hand, is broadly higher as last week's recovery continues, following New Zealand dollar. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 123.57; (P) 123.83; (R1) 124.07; More... USD/JPY dips mildly today as the consolidation from 124.47 temporary top continues. Intraday bias remains neutral for some more sideway trading. Another rise is in favor as long as 122.91 minor support holds. Firm break of 124.43 would likely extend the larger up trend through 125.85 high. However, break of 122.91 will suggest that rebound from 120.40 has completed and will turn bias back to the downside for this support. |
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