Forex Marketz Daily Forex News – Fully Markets Update
Asian markets inched higher by Tuesday afternoon. Asian and regional traders are waiting on the Reserve Bank of Australia to announce their monetary policy and rate decision, due out within the hour at 12:30 HK time.
The financial markets in China and Hong Kong are closed for public holidays.
In Japan, the Asian benchmark, the Nikkei 225 was up 0.84 percent. Shares of blue chip Softbank Group were up 2.78 percent. In Tokyo, the Topix index was up over 1.2 percent by the end of the morning trade session.
In regional economic data, the Bank of Japan released their Tankan survey for the third quarter today. The manufacturers’ index was down for the third straight quarter. This sector, in the Tankan survey, is at its lowest level since June 2013.
The headline USD/JPY Forex market was trading at 108.13 yen. The dollar has gained from the 108 yen handle seen during the overnight North American trade session.
Other Asian Markets Gain as Traders wait on today’s Rate Decision from Australia
In South Korea, the Kospi composite index added 0.66 percent. Shares of LG Chem jumped 2.34 percent.
In The Down Under, the Australian benchmark, the S&P ASX 200 was up 0.18 percent. Most of the indices sub-sectors were trading in the green.
At 12:30 Hong Kong time, the Reserve Bank of Australia, will announce October’s monetary policy and interest rate decision.
The financial markets are expecting that the Australian central bank will cut their official cash rate (OCR) by at least 25 basis points to insulate their economy against the ongoing trade war between the United States and China.
RBA policy makers are also worried about weak inflation and recent job sector numbers that indicate that that sector of the economy could be slowing down.
Traders are also watching the headlines out of the United States where President Donald Trump is facing a formal impeachment scandal.
