Asian share markets opened second day of trading week on more cautious note, as Japan's Nikkei 225 retreated -0.72%, while Hong Kong's Hang Seng up 0.81% and China's Shanghai Composite gained 0.09% and Singapore’s gained 0.85%. Meanwhile, shares in Australia traded higher, as the S&P/ASX 200 increased 2.41 %, while South Korea’s KOSPI losses 0.55% in early trading.
Main exchanges across U.S. and Europe were mostly recording gain averaging on 1% and more.
Currently, oil prices traded higher in the morning of Asian trading hours. Brent is trading at $41.36, while WTI is trading at $38.67 as of writing time.
Brent crude futures ended the session lower on Monday at $40.80 per barrel, while WTI crude futures at $38.19 per barrel.
The U.S. DXY stand at 96.67 after slipping from levels around 97 earlier, an index compared with a basket of its major peers.
The Japanese yen traded at 108.15 per dollar after strengthening sharply from levels above 109.2 yesterday. The Australian dollar against USD at $0.700, still on a continued upward trend following its rise from levels below $0.68 last week.
Gold currently trading at $1,697.90 per ounce, while stands around $1,705.80 per ounce for gold futures as of writing time. Previously closed at $1,698.60 and $1,705.10, respectively.
Silver trading at $17.68, platinum trading at $818.00 and palladium trading at $1,963.00.
Asian stocks were set to climb on Tuesday as confidence in an economic recovery pushed the Nasdaq benchmark to a record high and S&P 500 erasing its losses and entering positive territory for the year, although doubts about crude supply cuts were likely to keep oil prices under pressure.
The dollar losses on early Tuesday as surging commodity currencies paused for breath and a rising yen pointed to investor trepidation over the U.S. Federal Reserve’s next move.
A statement from U.S. Federal Reserve is due at 1800 GMT tomorrow.
Coronavirus will cause global economic output to contract by 5.2% in 2020, the World Bank said on Monday.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 7.193 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 408 thousand fatality globally.
Important Levels to Watch for Today:
- Resistance line of 108.610 and 109.868.
- Support line of 107.880 and 106.796.
- Price has broken the boundary of a rising parallel channel.
- Stochastic and RSI oscillators are both entering the undervalue range.