EQUITIES
Asian share markets opened lower, as Japan's Nikkei 225 retreated -1.05%. Hong Kong's Hang Seng down -0.44%, China's Shanghai Composite up 0.16% and Singapore’s retreated -2.08%. Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 decreased -2.37%, while South Korea’s KOSPI also losses -0.34% in early trading.
Overnight across Wall Street and Europe, exchanges saw a second straight day of declines, following a gloomy statement from the Fed yesterday. The Nasdaq benchmark, however, continued its record-breaking rally for the third consecutive session helped by gains in shares of Microsoft and Apple, with investors viewing technology as a defensive sector with massive growth opportunities.
OIL
Currently, oil prices slipped in the morning of Asian trading hours. Brent is trading at $40.69, while WTI is trading at $38.47 as of writing time.
Brent crude futures ended the session higher on Wednesday at $41.73 per barrel, while WTI crude futures at $39.60 per barrel.
CURRENCIES
The U.S. DXY stand at 96.11 latest. The greenback fell about 0.4% against a basket of major currencies after earlier sliding to 95.714, a level not seen since mid-March.
The dollar fell to a three-month trough against the euro, sterling, and Swiss franc after the Fed's pledge to keep monetary policy loose until the U.S. economy is back on track.
JPY traded at 106.98 per dollar, having strengthened from levels above 109 seen earlier in the trading week. AUD changed hands at $0.6989 after briefly spiking to levels above $0.702 earlier.
GOLD
Gold currently trading at $1,731.30 per ounce, while stands around $1,741.70 per ounce for gold futures as of writing time. Previously closed at $1,739.30 and $1,720.70, respectively.
Silver trading at $17.91, platinum trading at $819.00 and palladium trading at $1,857.00.
ECONOMIC OUTLOOK
Asian stocks were set to fall on Thursday after gloomy economic projections from the U.S. Federal Reserve sent the greenback and most Wall Street shares lower.
U.S GDP is expected to decline 6.5% this year. The announcement also flagged the need to keep the key interest rate near zero through at least 2022.
Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a U.S. Energy Information Administration report.
Markets are looking ahead to U.S. jobless claims data due at 1230 GMT.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 7.452 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 419 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
Resistance line of 108.610 and 109.868.
Support line of 106.792 and 105.995.
Commentary/ Reason:
Stochastic oscillator value is below 30, in undervalued range.
The MACD is trading above its signal line.
