EQUITIES
Asia-Pacific markets were higher in Monday trade. Japan’s Nikkei 225 led gains among the region’s major markets as it advanced 2.33%. Australia’s S&P/ASX 200 rose 1.67%, and over in South Korea, the KOSPI gained 1.39%. Singapore’s Straits Times index rose 1.14%, mainland Chinese stock, the Shanghai composite advanced 1.90%, and Hong Kong’s Hang Seng index 1.62% higher.
OIL
Oil prices jumped, as Brent crude futures traded to $40.54 a barrel, while U.S. crude at $38.23.
On Friday, Brent closed at $39.45 per barrel, while WTI futures ended at $37.14 per barrel.
CURRENCIES
The dollar index fell to its lowest since early September. Last sat at 92.20 on Monday.
Against the dollar, the Chinese yuan struck a 28-month peak, the New Zealand dollar made a 19-month high and the Australian dollar hit a 7-week top.
The South Korean won hit a 21-month high of 1,115.33 per dollar.
Turkish lira rose as much as 2% in the wake of the ouster of the central bank chief and the resignation of Turkey’s finance minister over the weekend. The lira has slid 30% to record lows this year
GOLD
Gold climbed for a third day. Spot gold currently trading at $1,962.20 per ounce, while stands around $1,964.60 per ounce for gold futures. Previously closed at $1,949.80 and $1,951.70, respectively.
Silver trading at $25.82, platinum trading at $894.00 and palladium trading at $2,354.00.
ECONOMIC OUTLOOK
Stocks in Asia-Pacific traded higher on Monday morning as investors in the region reacted to President-elect Joe Biden preparation to transition into the White House even as Donald Trump rejected the outcome of the U.S. election. Investors are assessing the implications of Biden’s leadership on U.S. foreign policy and the stance toward China and key oil producers Iran and Venezuela.
China’s exports surged 11.4% in October as compared to a year earlier.
Oil prices gained more than 2% on Monday after recovered from a 4% decline on Friday.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 50.395 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.265 million fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 103.489 and 103.618.
- Support line of 103.003 and 102.889.
Commentary/ Reason:
- The dollar was mostly flat against the Japanese yen at 103.44 on Monday, after slipping about 1.3% last week. The broad dollar weakness had the yen a touch to an 8-month peak against the dollar.
- The fall of dollar is as the likelihood of a Democratic blue wave in the White House and Congress slowly vanished, snuffing any large U.S. stimulus package.
- USD/JPY recovered from its worst levels after Japanese Prime Minister Suga told a parliamentary committee late last week that stable currencies are extremely important, implying he opposes the strength in the yen.
