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ForexLive Asia-Pacific FX news wrap: Carnage in equities

Started by forex4you, Aug 02, 2024, 01:30 pm

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ForexLive Asia-Pacific FX news wrap: Carnage in equities


Equity
markets were sold off heavily again following the lead from a weak
Wall Street on Thursday. Indeed, US equity index futures slid further
in Thursday evening Globex trade.

But
Japan, wow, Japan. The Nikkei and Topix indexes were down 5% within
only minutes of cash trade opening and they have barely recovered. We
have heard plenty of supportive comments from Japanese officials, finance
minister Suzuki, chief cabinet secretary Hayashi and
industry minister Saito amongst them. Details in the bullets above.

USD/JPY
hit lows circa 148.88 but surged just under a big figure as wild
moves persisted. As I post, USD/JPY is around 149.50. Other major FX was
relatively subdued (except against JPY of course).

Gold
has rallied back towards USD2455, while Bitcoin has been above USD65K
and back under 64K. Its around 64.4K as I post.

Data
flow was lower-tier only. News flow was light apart from the barrage
from Japanese officials.

A
People's Bank of China adviser called for heftier stimulus efforts.

10 minute candles, Nikkei:



                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: ForexLive Asia-Pacific FX news wrap: Carnage in equities

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