EQUITIES
Asian share markets likely to track a firmer Wall Street session yesterday, as Japan's Nikkei 225 rose 0.34%, Hong Kong's Hang Seng gained 0.56%, China's Shanghai Composite up 1.17% and Singapore’s rose 0.21%. Shares in Australia also traded higher, as the S&P/ASX 200 rose 0.18%, and South Korea’s KOSPI up 0.54% in early trading.
U.S. stocks markets are closed Friday in observance of Independence Day. NYSE and Nasdaq will resume normal trading hours on Monday, July 6. Other U.S. commodities markets, including gold and oil futures, also won't be open for trading Friday.
OIL
Currently, Brent and U.S. crude futures traded higher to $42.94 and $40.46 a barrel, respectively.
On Thursday, Brent closed at $42.88 per barrel, while WTI futures ended at $40.40 per barrel.
CURRENCIES
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.19 after earlier rising from levels below 97.2.
The Japanese yen traded at 107.51 per dollar after seeing lows beyond 108 earlier in the trading week. The Australian dollar held steady at $0.6924 on Friday after retail and sales data show a rebound.
Dollar was hemmed into a narrow range on Friday, supported by safe-haven flows as a resurgence of the coronavirus in the U.S. discouraged some investors from taking on excessive risk.
GOLD
Gold currently trading at $1,775.00 per ounce, while stands around $1,788.50 per ounce for gold futures as of writing time. Previously closed at $1,774.50 and $1,790.00, respectively.
Silver trading at $17.97, platinum trading at $802.00 and palladium trading at $1,836 .00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific rose in Friday morning trade after U.S. nonfarm payrolls released overnight beat expectations, raising optimism over the prospects of an economic recovery from the pandemic.
The number of Americans filing for unemployment benefits for the first time rose more than expected last week as a resurgent coronavirus added pressure to the U.S. economy. The Labor Department said that initial jobless claims rose by 1.427 million and 4.8 million jobs were added in June.
A private survey showed Friday that China’s services sector showed it growing at its fastest pace in over a decade in June, with the Caixin/Markit services PMI in at 58.4 for the month.
Australia retail sales see record surge in May as economy reopens. Retail sales jumped a seasonally adjusted 16.9% in May, from April 17.7%. Sales were also up over 5% on May last year at A$28.97 billion ($20.06 billion), according to the Australian Bureau of Statistics.
To date, number of confirmed worldwide cases for COVID-19 pandemic has passed reached more than 10.985 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 524 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 108.264 and 108.822.
- Support line of 106.692 and 106.074.
Commentary/ Reason:
- The dollar was little changed at 107.548 yen.
- Stochastic indicator signalling that the indicator close to overvalued range of 80 value.
- RSI indicator steadies around normal range of 50.
