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Nikkei 225 closes higher by 0.20% at 21,746.38

  
Analysis, Global Indices

Tokyo’s main index inches a little higher in light trading

Nikkei 05-07

Asian equities are posting cautious gains being sandwiched by the fact that US markets were closed yesterday and traders/investors are all anticipating the US jobs report later today. Chinese equities are also up by around 0.1% on the session, underscoring the more flat mood seen across multiple asset classes so far today.

USD/JPY holds at 107.90 currently but is trapped in a 13 pips range as we begin the session. All eyes are on the non-farm payrolls data but let’s see if there will be any interesting headlines that could shake things up in the European morning.

European shares close with gains

  
Analysis, Global Indices
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10 year yields are lower

The major European indices are ending the day with modest gains. The provisional closes are showing:
  • German DAX, +0.1%
  • France’s CAC, +0.2%
  • UK’s FTSE, +0.9%
  • Spain’s Ibex, +0.3%
  • Italy’s FTSE MIB, +0.65%
In the 10 year benchmark note sector, yields are lower with Italy and UK yields down sharply. The UK PMI construction data was much weaker than expectations and BOE Carney also came out with dovish comments in the NY morning session.
10 year yields are lower

Nikkei 225 closes higher by 0.11% at 21,754.27

  
Analysis, Global Indices

Tokyo’s main index holds above its 200-day moving average

Tokyo's main index holds above its 200-day moving average

The Nikkei is closing near flat levels amid more subdued tones in Asian equities today for the most part. With US futures holding reflecting similar sentiment, it shows that traders and investors are starting to gravitate towards a more cautious state as we await more key developments in US and China trade talks.

In other parts of Asia, the Hang Seng index is posting solid gains of 1.2% – catching up to the weekend news – after it was closed yesterday. However, Chinese equities are weaker down by 0.2% which highlights the more cautious tones in trading today.
USD/JPY holds a little weaker at 108.36 but is still trapped in a narrow range amid slightly weaker Treasury yields and indecisive tones among equities thus far.

Solid gains for European markets today, but some of the indices close near session lows

  
Analysis, Global Indices

Still higher on the US/China news but well off highs

The European markets are closed and although major indices are ending with gains, some of the major indices are trading near the lows for the day.
Still higher on the US/China news but well off highs
Below is a chart showing the % highs and low and the closing % for the major indices. The German Dax is up nearly 1% but was up nearly 1.75% at the highs. France’s CAC was up about 1.4% but is closing up 0.52%.
The US stock markets are also trading near intraday low levels now.

Crucial Update :US Dollar Index ,Euro ,Yen ,GBP ,INR ,CAD ,AUD ,PESO -Anirudh Sethi

  
Analysis, Forex, Global Indices
The US dollar was little changed in the first half of June but fell out of favor in the second half as the market became convinced the Federal Reserve will begin cutting rates in late July and follow it up with two more cuts in H2.  Given then the world’s largest economy continues to expand above trend, with unemployment at a historic low, and financial conditions supportive, it is difficult to envision the market discounting a more aggressive Fed than it has.  According to a recent Wall Street Journal survey, most economists expect two rather than the three rates that are discounted in the fed funds futures and OIS market.
If peak dovishness has passed, with the dollar regain better footing?  What is the dollar’s technical condition as the second half begins?  We seek to shed light on these issues below.
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