EQUITIES

Asian share markets turned positive after plunged in early morning, as Japan's Nikkei 225 rose 0.82%. Hong Kong's Hang Seng up 0.87% and China's Shanghai Composite gained 0.11%, though Singapore’s slipped slightly at -0.02%. Meanwhile, shares in Australia traded higher, as the S&P/ASX 200 rose 0.13%, while South Korea’s KOSPI increased 0.62%.

OIL

Oil price traded higher in the morning of Asian trading hours, as Brent is trading at $43.09 while WTI is trading at $40.60 as of writing time.

Brent crude futures ended on Monday at $43.08 per barrel, while WTI July contracts expires at $40.46 per barrel.

CURRENCIES

Against a basket of currencies, the U.S. dollar index was little changed at 97.02 after a fall of 0.68% on Monday and rising from levels below 96.8 last week.

The firmer sentiment of Wall Street yesterday helped riskier currencies such as the Australian dollar push higher, even as investors saw signs of rising coronavirus outbreaks. AUD rose 0.22% versus the greenback at $0.6920. GBP bounced back to $1.2474, up 0.10% so far on the day, from Monday’s three-week low of $1.2337.

GOLD

Gold currently trading at $1,755.80 per ounce, while stands around $1,772.20 per ounce for gold futures as of writing time. Previously closed at $1,754.300 and $1,766.40, respectively.

Silver trading at $17.69, platinum trading at $796.00 and palladium trading at $1,852.00.

ECONOMIC OUTLOOK

Stocks in Asia Pacific fell into negative territory before steadies in Tuesday morning trade after White House advisor Peter Navarro said in a Monday interview with Fox News that the trade deal with China is over, before clarifying that it is not over.

A broad gauge of dollar positioning on Friday showed speculators increased short bets against the greenback to the most since May 2018, at $16.27 billion.

U.S. and Canadian oil and gas drillers cut the number of the rigs operated to a record low. Leaving with a steep slope to scale towards recovery in output even with higher prices to spur on.

U.S. home sales dropped to lowest level in more than 9 years in May, strengthening expectations for a sharp contraction in housing market activity in the second quarter following disruptions caused by the COVID-19 pandemic.

To date, number of confirmed worldwide cases for COVID-19 pandemic has passed reached more than 9.188 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 474 thousand fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 107.982 and 108.610.

- Support line of 106.555 and 105.995.

Commentary/ Reason:

- Stochastic oscillator value is more than 70 indicating that the chart is into the overbought range.

- RSI oscillator approaching into the overvalued range.

- MACD is trading above its signal line and positive.