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Forex Today: US Dollar Rally and Asian Stocks

Forex Today: US Dollar Rally and Asian Stocks

Asian stock markets and the US dollar extended above Friday's closes as the week begins in Asia.

➡️ Stock markets look mostly bullish today, as Asian markets follow the rally seen in the US stock market on Friday. The HSI and Nikkei 225 Index are both closing above Friday's closes, although they are falling on daily opens.

➡️ In the Forex market, the US dollar is continuing its short-term advance against its long-term bearish trend, but the price now faces a key resistance at 101.56 that it may find difficult to break. As of the weekly open, the Australian dollar is the strongest major currency, while the Swiss franc is the weakest.

➡️ The Yen fell today on unscheduled bond purchases by the Bank of Japan.

➡️ The Reserve Bank of Australia will hold a policy meeting tomorrow and is expected to raise its cash rate by 0.25%, following the US Federal Reserve and the European Central Bank.

➡️ Energies are continuing to rise, with WTI crude oil futures hitting near a new 3-month high again on Friday, on evidence of supply shortages. This may be of interest to trend traders.

➡️ In the commodity market, cocoa futures will continue to be attractive on the Long side for trend traders, having reached a multi-year high price last Thursday.

 

Credit by DailyForex.com

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