EQUITIES
Asian share markets expected to continue yesterday’s positive trading, as Japan's Nikkei 225 gaining 0.97% and Singapore’s rose 0.87%. Shares in Australia also traded higher, as the S&P/ASX 200 rose 0.71%, and South Korea’s KOSPI up 0.77%.
Markets in Hong Kong and mainland China are closed for public holidays on Friday.
On Wall Street, the Dow Jones Industrial Average rose 1.18%, the S&P 500 gained 1.10% and the Nasdaq Composite added 1.09%.
OIL
Oil price edged higher in the morning of Asian trading hours, as Brent is trading at $41.54 while WTI is trading at $39.16 as of writing time.
Brent crude futures closed on Thursday at $41.05 per barrel, while WTI futures ended at $38.72 per barrel.
CURRENCIES
The U.S. dollar strengthened on Thursday due to fears of rising coronavirus cases. The dollar index, which tracks the greenback against a basket of its peers, rose 0.12% to 97.37 having traded at levels below 97 earlier in the trading week.
The Japanese yen traded at 107.16 per dollar following its weakening from levels below 106.8 against the greenback earlier this week. The Australian dollar was at $0.6884, retreated from high $0.70 earlier today.
The dollar held firm on Friday as caution over rapid rises in U.S. coronavirus cases cast doubt over the reopening of the economy, keeping the allure of its safe-haven value. Supporting the greenback was the broader rise in corporate demand typically seen towards the end of the month.
GOLD
Gold currently trading at $1,762.10 per ounce, while stands around $1,771.20 per ounce for gold futures as of writing time. Previously closed at $1,765.20 and $1,770.60, respectively.
Silver trading at $17.74, platinum trading at $794.00 and palladium trading at $1,773.00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific rose in Friday morning trade as the coronavirus situation stateside continues to be monitored by investors amid concerns with cases continuing to surge.
The Federal Reserve put new restrictions on the U.S. banking industry Thursday after its annual stress test found that several banks could get uncomfortably close to minimum capital levels in scenarios tied to the coronavirus pandemic.
Initial claims for state unemployment benefits stood at a 1.48 million for the week ended June 20, down 60,000 from a week earlier but still double their peak during the 2008 Recession.
New orders for U.S.-made capital goods rebounded more than expected in May but recouped only a portion of the prior two months’ declines.
To date, number of confirmed worldwide cases for COVID-19 pandemic has passed reached more than 9.710 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 492 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 107.431 and 107.982.
- Support line of 106.995 and 105.104.
Commentary/ Reason:
- The Japanese yen traded at 107.197 per dollar following its weakening from levels below 106.8 against the greenback earlier this week.
- Stochastic oscillator closing into overvalued range.
- MACD is trading above its signal line and negative.
