DAILY TECHNICAL ANALYSIS | CAPITAL STREET FX | FOREX NEWS

DAILY TECHNICAL ANALYSIS | CAPITAL STREET FX | FOREX NEWS | DAILY REPORT ON SEPTEMBER-10-2020

September 10, 2020

Overnight on Wall Street, the Dow Jones Industrial Average closed 439.58 points higher at 27,940.47. The S&P 500 jumped 2% to 3,398.96 and the Nasdaq Composite advanced 2.7% to 11,141.56. The U.S. Treasury department will auction $23 billion of 30-year bonds later in the day, along with $30 billion of 4-week bills and $35 billion of 8-week bills.

Stocks in Asia-Pacific were trading mixed in the early trade session today following the drop in the shares of Indonesia and China. Mainland Chinese stocks were flat in the afternoon trading, with the Shanghai composite down 0.22% while the Shenzhen component slid 0.459%. Shares of Yum China slipped more than 3% from their issue price following the stock’s issue.

Hong Kong’s Hang Seng Index was 0.17% higher. The Nikkei 225 in Japan rose 0.88% to close at 23,235.47, while the Topix index advanced 1.21% to end its trading day at 1,624.86. South Korea’s Kospi gained 0.88%. Shares in Australia also advanced on the day, with the S&P/ASX 200 up 0.51% to 5,908.50. Overall, the MSCI Asia ex-Japan index edged 0.6% higher.

European shares inched higher on Thursday, with investors looking towards signs of further stimulus from the European Central Bank in the hopes of a strong euro. In the Cash Markets, France index CAC 40 rose 1.40% at 5042.98 and the German index DAX inched up 2.04% to 13,233.25, while the EURO STOXX 600 climbed up 1.62%. The FTSE 100 was also trading in the upward direction and inched up by 1.39% to 6012.89, at the time of writing.

On the data front, a meeting of the European Central Bank, with its policy decision, is due at 7:45 local time and will be followed by a news conference from President Christine Lagarde. The central bank is also scheduled to release new economic estimates of its employees and review its current policy. In the United States, the Initial Jobless Claims and Crude Oil Inventories are scheduled to be released at 11:00 local time today.

In the currency markets, the U.S. Dollar Index edged down 0.12% to 92.882. The USD/JPY pair declined 0.10% to 106.06. The AUD/USD was down by 0.18% to 0.7267 and the NZD/USD pair edged down 0.15% to 0.6672. The USD/CNY pair inched down 1.03% to 5.8833. The GBP/USD pair inched up 0.0008% to 1.3007, at the time of writing.

In the Commodity market, Oil prices were steeper in the afternoon of Asian trading session, with international benchmark Brent crude futures up 0.25% to $40.89 per barrel. And U.S. crude futures also gained 0.16% to $38.11 per barrel.

In the precious metals, Gold steadied near a one-week high on Thursday against a weakened dollar, the yellow metal traded in a small $8 range as investors had large bets ahead of the European Central Bank’s fiscal policy decision due later in the day. Spot gold was straight at $1,946.25 per ounce, after touching its highest since Sept. 3 at $1,950.51 on Wednesday. U.S. gold futures were stable at $1,954.90.

Elsewhere, silver was flat at $27.02 per ounce, platinum advanced a little at $916.18 and palladium inched up 1% to $2,294.42.

In the Cryptocurrency Markets, BTC/USD inched up 1.18% and was trading at 10,301.9. Ethereum inched up 6.60% to $364.67. Litecoin up 1.2% to 48.262, and Dash inched down 1.73% to 75.32. Ripple inched 2.15% to 0.166221, at the time of writing.