- Asian markets extended on Tuesday the wave of optimism that swept Monday’s trading in Europe and the US. Australia’s main stock index (AU200) rocketed to new record highs today, while Japan’s Nikkei gained more than 2.1% and China’s Hang Seng added 0.9%.
- Share prices of major Asian chipmakers rose Tuesday, defying new U.S. packages of semiconductor export restrictions to Beijing aimed at limiting the country’s ability to produce some high-end chips.
- Taiwan Semiconductor Manufacturing Company’s shares rose 2.42%. At the same time, Tokyo Electron gained 4.7% and Lasertec gained 6.7%.
- On the forex market, currencies such as the US dollar, Canadian dollar and Australian dollar are behaving relatively well. On the broad market, the Japanese yen, which is currently the worst performing G10 currency, is losing. On the other hand, however, on the USDJPY pair, the recent downward impulse stopped above the 150.00 level, a key support zone in the short term.
- Despite the considerable volatility observed at the beginning of the day, the macro calendar scheduled for today’s session is relatively empty. The only noteworthy readings may be CPI data from Switzerland and JOLTS data from the US labor market.
- New York Fed Chairman John Williams, a voting member of the FOMC, expressed expectations for further interest rate cuts over time, stressing that monetary policy remains tight for now and decisions will be made based on incoming data.
- The Fed’s Waller said he was leaning toward supporting a cut in December. Bostic, on the other hand, said that a December decision is not a foregone conclusion.
- Sentiment in the crypto market is improving relative to yesterday’s session as far as the major cryptocurrencies are concerned. BItcoin is stabilizing in the $96,000 zone, while Ethereum is gaining 1.3% and is trading near $3656.
Volatility in the forex market observed at the moment. Source: xStation
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