Tangoing in Tokyo
Asian markets follow Wall Street gains
Asian markets have started the week on a positive note, as a disappointing US Non-Farm Payrolls on Friday couldn’t damp the stimulus-infused enthusiasm of Wall Street. The news front was relatively quiet over the weekend as far as market impact goes, leaving the road clear for the “buy everything” business as usual crowds. The Nikkei 225 has been a star performer this morning, rising over 2.0% as investors piled in after it took out 29,000 after the open this morning, levels not seen since 1990. It remains some distance from its all-time highs around 39,000 seen in January 1989.
NZD/USD Clears February Opening Range Amid Rebound Off of 50-Day SMA 2021-02-08 20:00:00 David Song, Strategist
New Zealand Dollar Talking Points
NZD/USDattempts to break out of the descending channel formation from earlier this year as it trades to a fresh monthly high (0.7233), and the pullback from the January high (0.7315) may turn out to be an exhaustion in the broader trend rather than a change in market behavior as key market themes remain in place.
NZD/USD Clears February Opening Range Amid Rebound Off of 50-Day SMA Advertisement
NZD/USD trades within the January range asit extends the advance following the US Non-Farm Payrolls (NFP) report, but the rebound off of the 50-Day SMA (0.7140) may gather pace as the exchange rate clears the opening range for February.
Gold sends for Spandau Ballet
February 5, 2021SharePrint
Gold slides below 1800
US yields firmed overnight, notably in the 30-year tenor. Hopes rose overnight that the Biden stimulus would pass through the US Senate relatively intact. The prospect of a juicy wave of government spending and borrowing sent longer yields higher, boosting the US dollar, but also lifted US equities, with Wall Street’s rally resuming.
Significant casualties of note were the euro and the Australian dollar, both of whom were looking wobbly of late anyway. But it was gold that really felt the pain of higher US yields and a stronger greenback. Gold fell 2.20% to USD1793.00 an ounce, leaving it desperately wanting someone to call it indestructible and to believe in its soul as an inflation hedge.
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