Asian markets will open slightly lower after the negative close in New York

04.08.2017 / 02:39

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The indices in Asia will start slightly lower today, as markets on Wall Street closed lower. Investors are awaiting the most important news of the week, the NFP/Non-Farm Payrolls report, as the projection is for 183К. If the Japanese share fall, then we can expect a stronger JPY. The Asian markets are bullish. The last data from China in regards to the Services PMI showed that growth was slower than expected and this is the weakest reading since May 2016.

The Australia dollar consolidates, after the RBA left rate unchanged at 1.5%, but now we are expecting the RBA Monetary Policy Statement. If the tone is negative then we can reasonably expect a lower AUD. After BoE left the rate at 0.25%, the pound fell sharply, but we will see if this is only a correction or the lower move will continue. The USD continuous to trade in a tight range, without a direction. The Euro tried to rally again today but it was not successful, due to the stronger dollar, probably this is just a temporary pause.

Gold was higher reaching $1,270 again as it fell down to $1,257 earlier during the American session. There is the possibility of higher prices of Gold, but investors continue to seek out the riskier investments and it will be difficult for the price to move up. The price of Silver opened lower today, but it did manage to recover all of the losses as it trades around $16.652. The price of Oil did fall to $48.85 but analysts think that the bullish move is not over. As the situation continue to be as is, the prices of the commodities can rise.

The traders expect data from Australia - RBA monetary policy statement and Average Cash Earnings from Japan. If the data is better than expected we might see higher Aussie and lower JPY.

Nikkei will open around 19,977, as for the ASX 200 it will open around 5,730

Trader - S. Fuchedzhiev

Varchev Traders

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Asian markets will open slightly lower after the negative close in New York

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