Asian Stocks

Asian Stocks Extend Gains

Asian stocks extend gains and ended the session higher for the second day in a row as the coronavirus infection rates and deaths decline in European countries. Wall Street finished with strong gains as investor sentiment improves.

The Nikkei 225 finished 2.01% higher at 18950. The Shanghai Composite closed up 2.05% at 2820, while the Singapore Straits Times closed up 4.02% at 2569. The Hang Seng was 2.12% higher at 24253. Australian equities finished lower with ASX200 giving up 0.65% at 5252. 

European markets extend gains after stronger than expected industrial production from Germany. The German DAX is 3.74% higher at 10,457. CAC 40 index is 3.19% higher at 4,484, while the FTSE MIB in Milan is 4.11% higher at 17,740. In London, the FTSE 100 is 2.43% higher at 5,717.  

In commodities markets, the crude oil price rebound today with WTI crude oil, adding 2.99% at $26.85 while the Brent oil is 2.99% higher at $33.51 per barrel. 

XAUUSD Daily Chart

The gold price is 0.05% lower at 1660. The gold first resistance stands at $1,703 the March 9 highs, while the initial support stands at $1,596, the 50-day moving average. Silver (XAGUSD) is 1.75% higher at $15.20.    

Cryptocurrencies digest the recent highs, Bitcoin’s (BTCUSD) price is 0.01% higher at $7,350, hitting the daily low at $7,208 and the daily high at $7,455. Bitcoin’s (BTCUSD) technical picture has improved in the short term, and now the next target is at the 50-day moving average. The first support for BTCUSD stands now at $5,714, the low from March 30. On the other side, initial resistance stands at $7,456, the daily high. 

Ethereum is 0.55% higher, at 172.59, with capitalization at 19.10 billion. The initial resistance for Ethereum stands at 176.55 the daily high, while the first support stands at $142.55, the low from April 6th trading session. Ripple – XRPUSD is 0.97% higher at 0.2003. Litecoin (LTCUSD) is 2.44% higher at 46.22. The crypto market capitalization stands now at $209.59 billion.

In the Lookout: The Japan Leading Economic Index came in at 92.1 above expectations of 90.4 in February. The Japan Coincident Index came in at 95.8, topping the forecasts of 95.1. 

The Reserve Bank of Australia kept its official cash rate unchanged at a record low of 0.25%, as was expected by analysts. Fitch downgraded ratings of Australia’s big banks on coronavirus risks. 

Trading Perspective: In the foreign exchange markets, EURUSD is 0.72% higher at 1.0869, the Australian dollar is 1.34% higher at 0.6168 against the U.S. greenback. The Yen is stronger against the USD; the USDJPY is 0.23% lower at 108.94. NZDUSD trades 0.93% higher at 0.5983.

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