EQUITIES
Asian share markets traded cautiously in Friday morning, as investors monitor coronavirus situation.
Japan's Nikkei 225 surged 0.14%. Hong Kong's Hang Seng down -0.11%, China's Shanghai Composite gained 0.42% and Singapore’s retreated -0.76%. Meanwhile, shares in Australia traded higher, as the S&P/ASX 200 increased 1.04%, while South Korea’s KOSPI slipped -0.55% in early trading.
OIL
Currently, oil prices edged higher in the morning of Asian trading hours. Brent is trading at $41.82, while WTI is trading at $39.19 as of writing time.
Brent crude futures ended Thursday at $41.51 per barrel, while WTI crude futures at $38.84 per barrel.
CURRENCIES
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.44 after rising from levels below 97.2 earlier.
The Japanese yen traded at 106.95 per dollar after seeing touching levels around 107.1 yesterday. The Australian dollar changed hands at $0.6853 after declining from levels above $0.688 yesterday.
Dollar headed for its best week in a month on Friday as a resurgence in coronavirus cases knocked confidence in a rapid economic recovery and drove investors to the safety of the world’s reserve currency.
GOLD
Gold currently trading at $1,724.70 per ounce, while stands around $1,731.80 per ounce for gold futures as of writing time. Previously closed at $1,722.90 and $1,731.10, respectively.
Silver trading at $17.35, platinum trading at $794.00 and palladium trading at $1,822.00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific were set for a mixed start as investors continued to monitor the situation surrounding a recent uptick in coronavirus cases in some countries. Investor focus on Friday will likely remain on developments surrounding the resurgence of coronavirus in some places, with four states in the U.S. reporting record spikes in cases.
Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy.
Oil prices higher in early trade on Friday, building on gains in the previous session, after OPEC and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 8.399 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 451 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 approaching into oversold range
- RSI oscillator steadies within the normal range.
