EQUITIES

Asian share markets in green, except for Singapore’s that retreated -0.29% following tomorrow’s election day. Meanwhile, Japan's Nikkei 225 rose 0.21%, Hong Kong's Hang Seng gained 0.43%, and China's Shanghai Composite appreciated 0.57%, after positive inflation data released. Shares in Australia also traded higher, as the S&P/ASX 200 rose 0.90%, and South Korea’s KOSPI up 0.64% in early trading.

Overnight on Wall Street, the Dow Jones closed 0.7% higher, and S&P 500 added 0.8%, while the Nasdaq Composite advanced 1.2%, notching a record closing high.

OIL

Oil retreated in the morning of Asian trading hours. Brent crude futures traded to $43.24 a barrel, while U.S. crude at $40.80.

On Wednesday, Brent closed at $43.29 per barrel, while WTI futures ended at $40.90 per barrel.

CURRENCIES

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 96.40 after declining from levels above 96.8 yesterday.

The Japanese yen traded at 107.29 per dollar after strengthening from levels around 107.7 yesterday. The Australian dollar rose to $0.6976, approaching its strongest level in a month.

Dollar losing against most currencies as rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.

GOLD

Gold currently trading at $1,809.50 per ounce, while stands around $1,819.60 per ounce for gold futures as of writing time. Previously closed at $1,809.10 and $1,820.60, respectively.

Gold hovered near a recent 8-and-half year peak as investors preferred safe-haven assets.

Silver trading at $18.69, platinum trading at $846.00 and palladium trading at $1,862.00.

ECONOMIC OUTLOOK

Shares in Asia Pacific were mostly higher in Thursday morning trade as Chinese inflation data for June was released.

China’s June producer price index slipped 3% YoY, according to China’s National Bureau of Statistics. Meanwhile, the consumer price index rose 2.5% YoY.

Oil prices drifted lower on Thursday as coronavirus concerns offset gasoline recovery signs. A spike in new cases across several U.S. states raised the prospect of renewed lockdowns that would likely hold back any sustained recovery in fuel demand.

To date, number of confirmed worldwide cases for COVID-19 pandemic has passed reached more than 12.164 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 552 thousand fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 108.818 and 108.165.

- Support line of 106.692 and 106.074.

Commentary/ Reason:

- Against the safe-haven yen, the dollar was little changed, though down 0.2% at 107.31 yen.

- Dollar could break out of its range against yen as currency options are set to expire later Wednesday and Thursday.

- Stochastic oscillator pulled back after entering the overvalued range shortly before.

- RSI indicators steadies around normal ranges of 50 after recovering from oversold range.

- The MACD is trading above its signal line and negative.