 Strong rally in Chinese stocks is lifting Asian markets broadly higher today. Chinese president Xi Jinping is set to visit Italy, France and Monaco from March 21 to 26 this week. While there's no detail on the visits yet, it's believed that there could be signing of an agreement for Italy to join the Belt and Road infrastructure investment initiative. But while that might lift sentiments, the could look is still clouded by uncertainty in trade negotiations with the US. The highly anticipated Trump-Xi summit might only happen in April at the earliest, or in June alongside G20 summit in Japan, or might not happen at all. Nevertheless, the currency markets are following strong risk appetite with Australian Dollar leading other commodity currencies higher. Yen and Dollar are the weakest ones. Sterling is also sluggish ahead of another meaning vote on Brexit deal, most likely on Tuesday. Technically, an immediate focus is 0.7121 minor resistance in AUD/USD. Break will suggest that recent decline from 0.7295 has completed and further rise would likely be seen back to 0.7206 resistance at least. In other markets, Nikkei is currently up 0.67%. Hong Kong HSI is up 0.73%. China Shanghai SSE is up 1.26%. Singapore Strait Times is up 0.41%. Japan 10-year JGB yield is down -0.0037 at 0.039. | 
No comments:
Post a Comment