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9.07 - USD still has too much influnce on our trading



Although not nearly as steep as it was yesterday, we see that the decline in Asian markets is still there and there are no signs for the reversal of this movement. Their continuous slip might be due to the fact that American shares and indices slipped too yesterday and traders have less and less faith in the segment of the market regardless of the country of origin of the security.

Dollar is flat against the major rivals which is not at all what was expected by the markets. It was our main concern yesterday – whether or not we are going to see turbulence in the performance of USD-related and USD-including couples and assets. But it seems that our true concerns only need to start today as it is today that we are going to hear Jerome Powell speak. And as we know as head of Fed he has a lot of power and influence upon American currency.

And that in its turn means that everything else also depends on what is going to be said in this speech. Gold is already preparing for the speech as we see the metal drop below $1400 per ounce point. Of course precious metals segment largely followed gold as a trend-setter of the segment.

Oil loses price which is not surprising given that yesterday the crude was very calm. It seemed like calm before the storm and it might just have been.

Elsewhere American tech and social shares all maintain its yesterday’s direction with Apple seemingly trying to slip lower than $200 per share.

Here are the main shifts in today’s performance.

Topix dropped 0.2 percent.

Kospi decreased by 0.2 percent.

Shanghai Composite lost 0.6 percent.

Hang Seng from Hong Kong lost 0.75 percent.

S&P 500 futures lost 0.3 percent.

MSCI Aisa Pacific decreased 0.3 percent.

Dollar was barely moving against the basket of six major currencies.

Euro was little changed - $1.1213.

Yen dropped 0.1 percent – 108.74 per dollar.

Apple dropped 2.1 percent - $200.02.

Facebook lost 0.3 percent – $195.76.

Amazon increased 0.5 percent - $1952.32 per share.

Tesla dropped 1.2 percent - $230.34.

WTI lost 0.4 percent - $57.45 per barrel.

Brent declined 0.2 percent - $63.96 per barrel.

Gold decreased 0.2 percent - $1397.6 per ounce.

Silver added 0.1 percent - $15.07 per ounce.

Platinum is by 0.5 percent lighter – $812.99.