EQUITIES

Asian share markets traded higher Friday. Except for Australia ‘s S&P/ASX 200 that retreated -0.10%. Meanwhile, Japan's Nikkei 225 appreciated 0.02%, Hong Kong's Hang Seng gained 0.74%, China's Shanghai Composite up 0.82%, Singapore’s rose 0.21%, and South Korea’s KOSPI up 0.69% in early trading.

OIL

Oil prices edged higher in the morning of Asian trading hours. Brent crude futures traded to $43.42 a barrel, while U.S. crude at $40.82.

On Thursday, Brent closed at $43.37 per barrel, while WTI futures ended at $40.75 per barrel.

CURRENCIES

U.S. dollar rose modestly in a broader risk-off move. The U.S. dollar index, which measures the currency against a basket of six rivals, was last at 96.27.

The Japanese yen traded at 107.24 per dollar, in a turbulent trading week that has seen the currency going from levels around 107.4 to below 106.8 against the greenback. The Australian dollar rose 0.18% versus the greenback at $0.6982.

The euro will take centre stage later today as EU leaders will meet in Brussels as they seek to overcome their differences over a proposed stimulus package.

GOLD

Spot gold prices fell below the $1,800 an ounce key level. Trading at $1,896.90 per ounce, while stands around $1,797.10 per ounce for gold futures. Previously closed at $1,896.00 and $1,799.30, respectively.

Silver trading at $19.07, platinum trading at $819.00 and palladium trading at $1,924.00.

ECONOMIC OUTLOOK

Stocks in Asia Pacific were edged higher in Friday morning trade following Thursday’s drop that saw shares in China plunging more than 4%.

China’s finance ministry said on Friday, its fiscal revenues fell 10.8% for the January-June period, compared with a 13.6% decline for the first five months of 2020. Meanwhile, fiscal expenditures declined 5.8% for the same period.

Official data of Singapore’s June non-oil domestic exports (NODX) jumped 16.1% YoY, helped by shipments of pharmaceuticals, specialised machinery and electronics.

While U.S. retail sales jumped 7.5% in June, the Labor Department said 1.3 million people filed for state unemployment benefits during the week ending July 11, down just 10,000 from the prior period.

To date, number of confirmed worldwide cases for COVID-19 pandemic has reached more than 13.947 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 593 thousand fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 107.551 and 108.165.

- Support line of 106.683 and 106.074.

Commentary/ Reason:

- The dollar stood at 107.24 yen in Asia on Friday, following a 0.3% gain in the previous session.

- Stochastic oscillator entered oversold range.

- RSI indicators steadies around normal range of 50 for some time.

- The MACD is trading below its signal line and positive.