Markets:
WTI crude oil up $0.45 to $67.00US 10-year yields up 2 bps to 4.29%S&P 500 futures up 0.8%Hang Seng +2.4%Nikkei +0.8%NZD leads, JPY lagsIt's a nice risk-on day to wrap up the Asian trading week and there aren't really any caveats in the price action as all the risk-positive moves are unfolding in the textbook way.
There were two catalysts, the first was a decision by Senate Democrats to vote for the Republican bill and avoid a government shutdown. The second was a meeting between US and Canadian officials where the Canadian side left feeling upbeat (and the US side stayed quiet). It wasn't exactly a rousing success but ti came with other indications that some people in Republican circles have had enough of the trade war.
There are also those looking to buy dips in risk assets and some real strength in China today is adding to the enthusiasm. So far, the moves in FX are modest outside some decent yen selling. Headlines out of Tokyo so far today have been minimal.
The other spot everyone is watching is gold. Futures have already crested $3000 for the first time and cash is now trading just $8 away with some momentum in the past few minutes following a $58 rise on Thursday. It's been a great year so far for the gold bugs as the US dollar sags and tariff worries mount.
The problem here is that you can't have gold rising on tariff worries rising and stocks climbing on tariff worries receding. Eventually that will have to unwind but at the momentum, $3000 is such a magnet.
Have a great weekend, Eamonn will be back to start the new week.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about forexlive asia pacific fx news wrap optimism creeps back in as washington turmoil ebbs was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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