EQUITIES
Asian share markets jumped in Tuesday morning, as Japan's Nikkei 225 surged 3.32% and Singapore’s soared 2.62%. Shares in Australia also traded higher, as the S&P/ASX 200 increased 3.57%, while South Korea’s KOSPI gained 4.54%. Hong Kong's Hang Seng and China's Shanghai Composite gained later, each with 2.78% and 0.90%, respectively, in early trading.
Wall Street bounced back overnight. The moves upward came following a sharp reversal from earlier losses during the trading day on Wall Street, with the Dow dropping more than 760 points before rebounding. The S&P 500 and Nasdaq fell as much as 2.5% and 1.9%, respectively.
OIL
Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, though hopes around OPEC meeting and production cuts could be extended kept the declines in check. Currently, Brent is trading at $39.69, while WTI is trading at $37.06 as of writing time.
Brent crude futures ended on Monday at $39.72 per barrel, while WTI crude futures at $37.12 per barrel.
CURRENCIES
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.49 after slipping from levels above 97 seen earlier.
The Japanese yen traded at 107.30 per dollar after seeing highs around 107.1 yesterday. The Australian dollar was at $0.6919 after rising from levels below $0.684 yesterday.
GOLD
Gold currently trading at $1,728.10 per ounce, while stands around $1,734.50 per ounce for gold futures as of writing time. Previously closed at $1,723.60 and $1,727.20, respectively.
Silver trading at $17.39, platinum trading at $807.00 and palladium trading at $1,867.00.
ECONOMIC OUTLOOK
Shares in Asia jumped in Tuesday morning trade following a dramatic bounce back overnight on Wall Street.
The U.S. Federal Reserve announced more measures to support the market. The Fed said it would buy individual corporate bonds, marking a broader approach to corporate bond buying. Previously indicating it would eventually buy bonds on the primary market, Monday’s announcement by the central bank marked an expansion of that into the secondary market.
The NYSE will allow a limited number of market makers to return to its trading floor on Wednesday, nearly three months after closing it due to the coronavirus pandemic.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 8.113 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 440 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 around 30, approaching an oversold range.
- The MACD is trading below its signal line, though the configuration is positive.
